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Jaswanth Jegan

Founder-Hexpertify.c... ‱ 9m

"GAMBLING with the Last 5000 dollars" Bankruptcy to Billions #3 FedEx Turnaround from Bankruptcy FedEx was founded in 1971 by Frederick W. Smith.Smith's concept was to create an integrated air-to-ground system specifically designed for overnight deliveries. With rising fuel costs pushing FedEx into millions of dollars of debt. Rejected funding pitches added to the turmoil, bringing the company to the brink of bankruptcy. When there is only 5000 dollars left in the company Smith flew to Las Vegas to play blackjack(Gambling) with the company's last resources.Smith turned the $5,000 into $27,000, providing a lifeline for FedEx to stay afloat. The $27,000 wasn't a complete solution but Using it as motivation, he secured an additional $11 million in funding Stabilizing financially.

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