Wednesday, 31 May 2023

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Billionaire Robert Hale gave $1,000 to 2,500 college graduates—then told them to give half of it away

Billionaire Robert Hale gave $1,000 to 2,500 college graduates—then told them to give half of it away

Once you’ve reached the top of your game, a big part of leadership becomes about giving back to those on their way up—whether that’s your time, energy, or lessons learned.

It’s a lesson that telecommunications tycoon, Robert Hale, is trying to instill in the next generation of leaders.

The billionaire surprised students of the UMass Boston undergraduate class of 2023 with $1,000 each on their graduation day—but the generous gesture wasn’t empty.

As thousands of students lined up to receive their gift,  Hale, the cofounder and CEO of Granite Telecommunications handed out two envelopes with the cash evenly split.

One $500 envelope was labeled “gift” and the other “give”.

“The first $500 is for you,” Hale explained, according to NBC Boston. “It’s a celebration of all you have done to be here today. You’re leaders. Celebrate.”

He then entrusted students with gifting the second $500 envelope away to “somebody else or another organization who could use it more than you” to experience the “joy of giving”.

With a cohort of 2,500 students graduating that day, the gifts amassed to $2.5 million—a relatively small dent in Hale’s estimated $5 billion fortune – but whether they actually donate the money is left up to them.

The philanthropic billionaire

Hale founded Granite in 2002, less than six months after his previous company, Network Plus, filed for bankruptcy.

Fast forward to today, Granite is experiencing high levels of success (it generated $1.6 billion in sales alone in 2021, per Forbes) and with a 70% stake in the business, so is Hale. 

He’s been sharing that success with those less fortunate for some time now.

In 2019, The Chronicle of Philanthropy listed Hale as one of the top 15 most generous Philanthropists in America, with reports claiming that he has donated over $280 million towards cancer research, educational institutions and other charitable causes.

Plus, this isn’t the first time he’s turned his philanthropic efforts to students.

In May 2022, Hale gifted $1,000 each to 150 graduates at the Roxbury Community College in…

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