Billionaire gives away millions as he hands $1,000 in cash to each graduate at ceremony
Rashi Agarwal
Featured Image Credit: CBS News
A billionaire gives away millions by handing out $1,000 in cash divided in two envelopes to each student at their graduation ceremony.
The graduation ceremony is definitely the most important day in every student's life, as it's the day where you get to celebrate all your hard work.
But being handed a thousands of dollars by a millionaire at your ceremony would probably make the day even better.
And that's what Robert Hale, CEO of Granite Telecommunications, decided to do for 2,523 UMass graduates when he gave them all $1,000.
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You can see the moment here:
The money was given in two different envelopes, each containing $500 - however, there was a catch.
"We are proud of you, so we want to share in that celebration with you. There are two sets of envelopes: One says 'Gift' and one says 'Give.' The first is for you, the 'Gift' is for you. The 'Give' is also for you, but it's to give," Hale explained in his commencement speech.
"We want to give you two gifts. The first is a gift to you. The second is the gift of giving.
"These trying times have heightened the need for sharing, caring and giving. Our community and our world need you, it needs us more than ever — needs us to be compassionate.
"The greatest joys we've had in our life have been the gift of giving. So each of you is getting $1,000 cash right now."
"The first $500 is for you, he added, "It's a celebration of all you have done to be here today. You're leaders. Celebrate.
"The second $500 is a gift for you to give to somebody or somebody else or another organization who could use it more than you.
"Share in the joy of giving. Congratulations, Beacons!" he said.
However, this is not the first time that Hale has surprised a bunch of college graduates with envelopes of money.
This is the third time Hale's has given a generous donation, with the first one being in 2021 when he gave another $1,000 to 270 outgoing students at Quincy College in Boston.
While the second one was at a graduation ceremony last year at Roxbury Community College, where 150 fortunate young graduates were each given two envelopes with identical conditions.
But even with this repeated kind act of philanthropy, it hasn't done much to Hale's overall net worth of $5 billion net worth, according to Forbes, with the loss of $2.5 million being nothing but a drop in the ocean.