On May 19, African-American businessman and philanthropist Robert Smith promised to pay off the student loans for the Class of 2019 of Morehouse College, a historically black college in Atlanta, United States.

“This is my class – 2019 – and my family is making a grant to eliminate their student loans,” Smith said at the graduation ceremony of the class. The announcement was met with loud cheers and applause from the student crowd. According to the BBC, the total student loans of the class amount to up to $40 million.

Smith is the founder of the private equity firm Vista Equity Partners, which is valued at over $46 billion, according to Forbes. His net worth is estimated to be around $5 billion, which makes him the wealthiest black American, even richer than the popular philanthropist and actor Oprah Winfrey.