Frederick Wallace Smith is a business mogul and investor from the United States. He started and runs FedEx Corporation, which is the biggest shipping company in the world. Smith gave up his job as CEO on June 1, 2022, so he could become executive chairman. Raj Subramaniam took his place. Let’s find out what is Fred Smith’s Net Worth.
Fred Smith’s Net Worth
Fred Smith is a CEO and business owner from the United States. He has a net worth of $5 billion. Fred Smith was born in 1944 in Marks, Mississippi. He grew up with a bone disease that he had to fight until he was ten years old. Within five years of getting healthy, he became a neighborhood football star and learned to fly as an amateur pilot.
He went to Yale University, where he wrote an economics paper that wasn’t very well accepted but would later become the idea behind his global brand, FedEx.
He graduated from Yale in 1966. He was in the same group as George W. Bush, who would become president. He was in the U.S. Marine Corps for three years before he was let out on good terms in 1969. During his time in the service, the decorated warrior got two Purple Hearts, a Silver Star, and a Bronze Star.
Founding FedEx
Two years later, Smith started Federal Express with the money from his fortune and some money he had made from investments. By 1973, the company had 14 jets that went to 25 places in the U.S.
Early on, things were hard for the company, and Smith is said to have taken the business’s shrinking back account to Las Vegas, where he played blackjack and made enough to pay the bills. FedEx is one of the biggest overnight service companies in the world. It is based in Memphis, Tennessee.
As of June 2023, FedEx is worth $55.73 Billion on the market. Based on the market cap, this makes FedEx the 283rd most valuable company in the world. The market capitalization, or “market cap,” is the total market value of all the outstanding shares of a publicly traded company. It is a popular way to figure out how much a company is worth.
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Fred Smith Other Businesses
Smith is a co-owner of the NFL’s Washington Redskins and has served on the boards of companies like the Mayo Foundation and St. Jude Children’s Research Hospital. He was also admitted into the Aviation Hall of Fame.
When Bush was elected, Smith was reportedly offered the job of U.S. Defense Secretary, but he turned it down. In early 2014, “Fortune Magazine” named him one of the World’s 50 Greatest Leaders.
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