Billionaire rains cash on UMass graduates to tune of $1,000 each, but says they must give half away
MEREDITH, N.H. — The clouds weren’t the only ones that caused it to rain during the commencement ceremony at the University of Massachusetts Dartmouth last week. On stage, billionaire philanthropist Rob Hale surprised the graduating class of more than 1,000 students by pointing to a nearby truck containing envelopes stuffed with cash.
The graduates, who sat under ponchos and umbrellas during the rain-soaked ceremony, shouted and cheered, their mouths wide open, as Hale announced he would dump cash on them. Security guards then dragged the cash-filled duffel bags onto the stage.
Hale told the students they would each receive $1,000. But there was a condition: they had to keep $500 and give away the rest.
Hale said the greatest joy he and his wife Karen had experienced in their lives came from giving.
‘We want to give you two gifts. The first is our gift to you,” Hale told the students. “The second is the gift of giving. These difficult times have increased the need for sharing, caring and giving. Our community needs you and your generosity more than ever.”
Granite Telecommunications founder and CEO Hale is estimated by Forbes to have a net worth of $5.4 billion. He owns a minority stake in the Boston Celtics.
It is the fourth year in a row that he has given a similar gift to a group of graduating students. Last year it was for students from UMass Boston, and before that it was for students from Roxbury Community College and Quincy College.
But the students at UMass Dartmouth had no idea beforehand that Hale would speak. Graduates who did not attend the ceremony missed out on the money. Hale told the students that his road to success had been a bumpy one after his previous company Network Plus filed for bankruptcy in 2002 during the dot-com crash.
“Have you ever met someone who has lost a billion dollars before? Hale said, joking about giving career advice to the students. “I might be the biggest loser you’ve ever met, and you have to sit in the rain and listen to me.”