Fedex founder and CEO Fred Smith, a Yale graduate, once risked everything to save his company. When Fedex was still young, Smith played blackjack with the company’s last $5,000 in an effort to pay a $24,000 fuel bill. He won $27,000, enough to keep Fedex afloat for another week.
Smith’s big risk paid off, and the company has grown to success. Last year Fedex enjoyed $26.5 billion in revenue with the help of 146,000 employees worldwide. The company plans to build that revenue with $2 billion in cost cuts.
Surprisingly, Smith is not the only CEO who has risked his company on a blackjack table. Bill Gross, founder of PIMCO, also spent the early years of his company benefitting from the game. He figured out how to use his mathematical skills to count cards.
In contrast to Fedex and PIMCO, the United States Postal Service loses billions each year and plans to raise postage rates for next year.
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