10/20/2026
Fred Smith flew to Las Vegas with the last $5,000 his company had. FedEx needed $24,000 for jet fuel, and without it, his planes could not fly on Monday. He took the $5,000 to a blackjack table.
Long odds were nothing new to him. He was 4 when his father passed away, and a bone disease kept him on crutches and in leg braces until he was about 10. He outgrew it, became an athlete, and learned to fly as a teenager.
At Yale, he wrote a paper about a company that would fly small packages overnight. Before he could try it, the Marines sent him to Vietnam. As a 23-year-old lieutenant, he led his company against a dug-in North Vietnamese battalion. When the enemy hit back, he went into the heaviest fire to get his wounded men out and called in air strikes close to his own position. He earned a Silver Star, and on his second tour he flew combat missions in a small spotter plane. He came home wounded twice, with a lesson he used for the rest of his life: “If you take care of the troops, they’ll take care of, in our case, the customers or the mission.”
Back home, he put his inheritance into the idea from his Yale paper and started Federal Express. On the first night, 14 small jets carried just 186 packages. “It was a pretty grim night,” he said. The money ran short fast. Paychecks were sometimes postdated, and pilots sometimes paid for fuel with their own credit cards. Then General Dynamics, the investor he was counting on, said no.
That’s how he ended up in Las Vegas. “I knew we needed money for Monday, so I took a plane to Las Vegas and won $27,000,” he told one of his executives. Asked how he could risk their last $5,000, he said, “What difference does it make? Without the funds for the fuel companies, we couldn’t have flown anyway.” The win kept FedEx flying for another week, and new funding followed.
He spent the next 5 decades building FedEx into the world’s largest cargo airline, and he kept taking care of the troops. He gave $65 million to send Marines’ children to college. When he passed away at 80, he was buried at Arlington with full military honors.