| Net worth | $7 billion |
| Name | Frederick Wallace Smith |
| Occupation | founder, chairman, and CEO of FedEx |
| Nationality | American |
| Date of birth | August 11, 1944 |
Freddie smith net 2022: FedEx founder, chairman, and CEO Frederick Wallace Smith. The firm is based in Smith's hometown of Memphis. Fred Smith has a net worth of $3.9 billion dollars.
Fred Smith is an American CEO and entrepreneur who has amassed a fortune of $3.9 billion dollars over the course of his career. Fred Smith, who was born in 1944 in Marks, Mississippi, battled a bone illness from the time he was a child until he was 10 years old.
Within five years of regaining his health, he had established himself as a star football player in his hometown and had learned to fly as an amateur pilot.
He went to Yale University, where he published a mediocrely accepted economics thesis that would later serve as the inspiration for his global business, FedEx. He graduated with honors from Yale University.
He graduated from Yale in 1966 and was a fraternity brother of future President George W. Bush at the time of his graduation. He served in the United States Marine Corps for three years until being honorably discharged in 1969.
During his time in the military, the renowned veteran was awarded two Purple Hearts, a Silver Star, and a Bronze Star. Federal Express was created two years later by Smith, who used his inheritance and some investment money to start the company.
By 1973, the business serviced 25 U.S. cities with fourteen jets. The company's early years were difficult, and Smith is said to have taken the company's diminishing bank account to Las Vegas, where he was able to generate enough money to pay the bills by playing blackjack.
FedEx, which has its headquarters in Memphis, Tennessee, has grown to become one of the world's largest overnight express delivery firms. Besides being a co-owner of the National Football League's Washington Redskins, Smith has served on the boards of directors for organizations such as the Mayo Foundation and St. Jude Children's Research Hospital, and he has been honored with induction into the Aviation Hall of Fame.
Smith, although being reportedly given the position of United States Defense Secretary following Bush's election, turned it down. In early 2014, “Fortune Magazine” named him one of the world's 50 greatest leaders, and he was included on the list.
He has been involved in a number of legal battles, including a forgery charge and involvement in a fatal hit-and-run accident. Smith married his first wife, Linda Black, in 1969, and the couple separated in 1977. Smith has two children with Black. His second wife, Dianne Avis, and he had a total of eight children together.
Early Years
Frederick Smith was born in the Mississippi town of Marks. He attended Presbyterian Day School in Memphis for elementary school and Memphis University School for high school, where he also trained as an amateur pilot while still a teenager. Smith began his studies at Yale University in 1962. In 1966, he earned his bachelor's degree in economics from the University of Michigan.
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Career
Following graduation, Smith was commissioned into the United States Marine Corps, where he served for three years (from 1966 to 1969) as a platoon leader and a forward air controller (FAC), flying in the rear seat of an OV-10 transport aircraft.
Business Career
Smith obtained the majority position in Ark Aviation Sales, an aircraft repair firm, in 1970, and by 1971, the company had shifted its concentration to the trading of old jets.
- FedEx founder Fred Smith came up with the idea for the firm while writing a term paper at Yale University in 1965, and the rest is history.
- Smith joined the Marine Corps after graduation and served in Vietnam. FedEx was established in 1971 when he returned home.
- FedEx had lost $29 million in its first 26 months of operation, so Smith took a trip to Las Vegas and won $27,000 at the blackjack tables, which was enough to keep the company viable for the time being.
- A total of $84 billion in yearly revenue is now generated by the corporation.
- The sale of Smith's ten percent ownership in the Washington Football Team for about $216 million before taxes occurred in the first quarter of 2020.
