Venture Capital
@venture
FedEx founder saved the company with a $5K blackjack bet
Fred Smith, founder of FedEx, once used the company’s last $5,000 to gamble in Las Vegas. He turned it into $27,000 and covered a $24,000 fuel bill that week.
FedEx had launched in 1973 and was already losing over $1M per month after the oil crisis doubled fuel costs. Investors refused to fund the business, leaving the company without cash to operate.
The extra week bought time to raise $11M in new funding. By 1976, revenue reached $75M, and the company went public two years later.
Today FedEx delivers 17M packages daily across 220 countries.
@venture
Fred Smith, founder of FedEx, once used the company’s last $5,000 to gamble in Las Vegas. He turned it into $27,000 and covered a $24,000 fuel bill that week.
FedEx had launched in 1973 and was already losing over $1M per month after the oil crisis doubled fuel costs. Investors refused to fund the business, leaving the company without cash to operate.
The extra week bought time to raise $11M in new funding. By 1976, revenue reached $75M, and the company went public two years later.
Today FedEx delivers 17M packages daily across 220 countries.
@venture
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