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I wrote about it before and I think it's just simply amazing how Fred Smith kept this company alive for one more week to cover his fuel bills, that led him to $5.8 billion dollars net worth as of this year. Which included taking $5,000.00 to Caesars palace in Las Vegas and winning $27,000.00 to cover a week's extra business life!

Quote from a magazine; "I asked Fred where the funds had come from, and he responded, 'The meeting with the General Dynamics board was a bust and I knew we needed money for Monday, so I took a plane to Las Vegas and won $27,000.' I said, 'You mean you took our last $5,000-- how could you do that?' He shrugged his shoulders and said, 'What difference does it make? Without the funds for the fuel companies, we couldn't have flown anyway.' Fred's luck held again. It was not much, but it came at a critical time and kept us in business for another week."

FROM WIKI:

In 1970, Smith purchased the controlling interest in an aircraft maintenance company, Ark Aviation Sales,[5] and by 1971 turned its focus to trading used jets. On June 18, 1971, Smith founded Federal Express with his $4 million inheritance (approximately $29.8 million in 2023 dollars)[17] and raised $91 million (approximately $690 million in 2023 dollars)[17] in venture capital. In 1973, the company began offering service to 25 cities, and it began with small packages and documents and a fleet of 14 Falcon 20 (DA-20) jets. His focus was on developing an integrated air-ground system. Smith developed FedEx on the business idea of a shipment version of a bank clearing house where one bank clearing house was located in the middle of the representative banks and all their representatives would be sent to the central location to exchange materials.[5]

In the early days of FedEx, Smith had to go to great lengths to keep the company afloat. In one instance, after a crucial business loan was denied, he took the company's last $5,000 to Las Vegas and won $27,000 gambling on blackjack to cover the company's $24,000 fuel bill. It kept FedEx alive for one more week.[18]

In 2003 Smith, along with Robert Rothman and Dwight Schar, purchased a minority share of the Washington Commanders, an American football franchise belonging to the National Football League. The three owned a total of 40% of the team until 2021, when they sold their stake to majority owner Dan Snyder following discontentment with Snyder.[19][20] Smith also owns or co-owns several other entertainment companies, such as Alcon Entertainment.

In 2000, Smith made an appearance as himself in the Tom Hanks movie Cast Away, when Hanks's character is welcomed back, which was filmed on location at FedEx's home facilities in Memphis, Tennessee. A DKE Fraternity Brother of George W. Bush while at Yale, after Bush's 2000 election, there was some speculation that Smith might be appointed to the Bush Cabinet as Defense Secretary.[21] While Smith was Bush's first choice for the position, he declined for medical reasons — Donald Rumsfeld was named instead.[22] Although Smith was friends with both 2004 major candidates, John Kerry and George W. Bush, Smith chose to endorse Bush's re-election in 2004. When Bush decided to replace Rumsfeld, Smith was offered the position again, but he declined in order to spend time with his terminally ill daughter.[23]

Smith was a supporter of Senator John McCain's 2008 Presidential bid, and had been named McCain's national co-chairman of his campaign committee.

Smith was inducted into the Junior Achievement U.S. Business Hall of Fame and also awarded the Golden Plate Award of the American Academy of Achievement in 1998.[24] He was inducted into the SMEI Sales & Marketing Hall of Fame in 2000. His other awards include "CEO of the Year 2004" by Chief Executive Magazine[25] and the 2008 Kellogg Award for Distinguished Leadership, presented by the Kellogg School of Management on May 29, 2008.[26] He was also awarded the 2008 Bower Award for Business Leadership from The Franklin Institute in Philadelphia, Pennsylvania.[27] He is the 2011 recipient of the Tony Jannus Award for distinguished contributions to commercial aviation.[28]

While CEO of FedEx in 2008, Smith earned a total compensation of $10,434,589, which included a base salary of $1,430,466, a cash bonus of $2,705,000, stocks granted of $0, and options granted of $5,461,575.[29] In June 2009, Smith expressed interest in purchasing the controlling share (60%) of the St. Louis Rams from Chip Rosenbloom and Lucia Rodriguez.[30] In 2009, Smith earned a total compensation of $7,740,658, which included a base salary of $1,355,028, a cash bonus of $0, stocks granted of $0, options granted of $5,079,191, and other compensation totaling $1,306,439.[31]

In March 2014, Fortune Magazine ranked him 26th among the list of the "World's 50 Greatest Leaders".[32]

In March 2022, Smith announced that he would step down as CEO and become executive chairman. He named long-time FedEx executive Raj Subramaniam as his successor.