Two duffle bags were carried to the stage during a commencement ceremony this month at UMass Dartmouth. The commencement speaker – billionaire Robert Hale, Jr. – soon revealed what they were filled with.
That is, envelopes for the 1,200 graduates. Envelopes with $1,000 for each one.
However, there was a catch. Just $500 of the money was actually for the graduates to keep as a gift. In return, they’re expected to give to charity or someone in need.
“Our community and our world need our help now more than ever,” Hale told the crowd gathered for the ceremony. He also explained that one of the greatest joys of his and his wife Karen’s life has been giving back.
Hale received the UMass Dartmouth Chancellor's Medal for his incredible philanthropy work. Previously, he donated over $270 million towards cancer research, educational institutions and other charitable causes, per Forbes.
A native of Boston, Mass., Hale attended Connecticut College before founding Granite Telecommunications in 2002.
Although Hale has a net worth of more than $5 billion, he told the graduates that he’s also been on the brink of failure. Once, he lost nearly $1 billion overnight, according to a press release from UMass Dartmouth, and before founding Granite another one of his businesses filed for bankruptcy.
According to Forbes, the 57-year-old is one of the 600 richest people in the world as of this week. He still serves as the CEO of Granite Telecommunications. It provides voice, data and other communications services to businesses and governmental agencies in the U.S. and Canada.
“Granite generated over $1.8 billion in sales in 2022; the company says more than two thirds of the largest 100 U.S. companies are clients,” said Forbes.
UMass Dartmouth’s 2024 class was 40% first generation students and comprised of 31% students of color, said the school.