With 400 college seniors receiving the ultimate graduation present from billionaire investor Robert Frederick Smith, the U.S. philanthropist gave a glimpse into his significant wealth as he said he would take on the burden of their student loans.

Smith, 56, announced on Sunday he would pay the estimated $40 million in student loan debt of the graduating class of 2019 at Morehouse College. Smith made the announcement during his graduation speech to the seniors.

The relationship with Morehouse College runs deep for Smith as he previously donated $1.5 million for scholarships and development at the school. In 2017, he became the first black American to dedicate the majority of his net worth to donations as part of the Giving Pledge, which was created by Bill and Melinda Gates and Warran Buffett.

Smith, who is the founder of private equity firm Vista Equity Partners, which is valued at $46 billion, has an estimated net worth of $5 billion, BBC reported. Smith’s net worth puts him ahead of Oprah Winfrey, as the wealthiest black American, the news outlet said.

Smith has also donated $50 million to Cornell University for the creation of a program dedicated to supporting black and female engineers and is the founding donator for the National Museum of African American History and Culture, BBC reported. He also his own charity, Fund II Foundation, which is committed to supporting African American culture.

The investor studied chemical engineering at Cornell University and received his MBA from Columbia University. His resume includes a position at Goldman Sachs, which he left in 2000 to form Vista, where he is the chief executive.

Smith currently lives in Austin, Texas with his wife, Playboy model Hope Dworaczyk.

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