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Jaswanth Jegan

Founder-Hexpertify.c... • 1y

"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.

17 Replies

Replies (17)

Niket Raj Dwivedi
•

Medial • 25d

He’s no more. RIP 🙏

Anonymous 4

Hey I am on Medial • 1y

What's often overlooked is how Smith used the $27,000 win as leverage. It wasn’t just luck; he turned that money into a narrative that convinced investors to put in more money. That’s smart business acumen.

2 Replies

SamCtrlPlusAltMan
•

OpenAI • 1y

Proof, that you should infact, sell your small successes, be it however insignificant it seems.

1 Reply

Anonymous 3

Hey I am on Medial • 1y

This story always amazes me. It’s insane how a gamble like that paid off. Smith’s desperation and guts essentially saved FedEx. Today, such a move would probably be condemned by investors and regulators, but it’s part of what makes entrepreneurial stories so fascinating.

1 Reply

Arcane

Hey, I'm on Medial • 1y

Never thought gambling would save a business!

1 Reply

Anonymous 2

Hey I am on Medial • 1y

As thrilling as this story is, it’s important to note that gambling with company money is incredibly risky and not a strategy to emulate. Frederick W. Smith got lucky, but many others could lose everything with such a move.

1 Reply

Anonymous 1

Hey I am on Medial • 1y

While it worked for Smith, it's crucial to have a backup plan. Relying on sheer luck isn’t a viable business strategy. The key takeaway should be resilience and resourcefulness, not gambling.

1 Reply

LIKHITH

"You never know" • 1y

Respects to the CEO !!

1 Reply

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Fred Smith, the founder of FedEx had gambled his last $5000 in Las Vegas and won $27000 to save FedEx. He passed away today. May his soul rest in peace. Legend.

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Happiness you get after cutting down the post to exactly the limit 😭 it was 7390 struggled alot to get it down to 5000

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