Do you want to learn more about Fred Smith? He is a young business mogul who started the FedEx company. Here, we create his life story. Have you ever wondered who Frederick Wallace Smith was? We have talked about him in this article. Learn how much money Frederick Wallace Smith is worth by reading this article. Okay, on to the next part.
Fred Smith Net Worth
American CEO and businessman Fred Smith has a net worth of $5 billion. Fred Smith, who was born in Marks, Mississippi in 1944, suffered from a bone condition his entire childhood. Five years after regaining his health, he had become a local hero on the football field and an aspiring pilot.
He studied economics at Yale and got his idea for what would become the global phenomenon known as FedEx from a poorly regarded paper he authored there. He joined the Yale class of 1966 and was a fraternity brother of George W. Bush. He enlisted in the Marines in 1966 and served for three years before being discharged with honors in 1969.
The service-honored veteran was awarded multiple medals for her valor, including two Purple Hearts, a Silver Star, and a Bronze Star. Smith started Federal Express with his inheritance and some investment capital two years later. In 1973, the company expanded to 25 cities across the US with its fleet of 14 jets.
When business was slow in the beginning, legend has it that Smith took the company’s remaining funds to Las Vegas and won enough at blackjack to cover overhead. FedEx is a global leader in overnight fast shipping with headquarters in Memphis, Tennessee. Smith was elected into the Aviation Hall of Fame and is a co-owner of the National Football League’s Washington Redskins.
He has also served on the boards of the Mayo Foundation and St. Jude Children’s Research Hospital. Upon Bush’s election, Smith was supposedly offered the position of U.S. Defense Secretary, but he turned it down. In early 2014, “Fortune” magazine included him on its list of the 50 Greatest Leaders in the World.
He has been charged with forgery and was allegedly involved in a fatal hit-and-run accident. Smith’s first wife was named Linda Black, and they had a brief marriage (1969–1977) before divorcing. Eight of his children are with Dianne Avis, his second wife.
Fred Smith’s Troubled Past
On January 31, 1975, Fred Smith was indicted for forgery by a federal grand jury. The action was brought by Smith’s two half-sisters. The lawsuit claims that Smith falsified documents to get a $2 million bank loan and that he and his family’s trust fund executives lost $14 million when they sold stock from the fund.
After federal officials in Memphis issued an arrest order for Smith, the latter was able to post a bond with them. Smith’s forgery accusation was eventually dropped.
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On the same day that Smith was arrested for fraud, he was involved in a fatal hit-and-run that took the life of George C. Sturgill, a 54-year-old handyman. Smith was taken into custody and charged with two counts of reckless driving and one count of driving on an expired license. After posting a bond for $250, he was freed. In the end, all charges were dismissed.
Smith previously crashed his automobile and killed someone. While on a road trip to a lake with his pals during his first summer break from Yale, Smith lost control of the automobile and flipped it, killing the front-seat passenger. The reason for the crash was never established.
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