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FedEx founder Fred Smith passed away on Sunday at the age of 80, with his family not revealing the cause of death. He is lauded with revolutionizing global logistics by first introducing overnight service and becoming the first company to allow real-time package tracking.
Fred Smith decided to go to Las Vegas with the last $5,000 of the firm’s funds
While FedEx is now a $54bn company, everything wasn’t as rosy in the beginning days. Bankruptcy was looming in the early 1970s and Fred Smith decided to go to Las Vegas with the last $5,000 of the firm’s funds to play some blackjack.
He proceeded to win $27,000, which covered an important fuel bill and kept them in business for at least another week. They managed to then secure additional funding and turn into the behemoth that FedEx is today.
Smith remained as CEO until June 2022. The Vietnam War veteran is survived by ten children.
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