In 1973, Federal Express shipped its first 186 packages. Fuel costs rose rapidly causing company bank accounts to bleed. In 1976, Federal Express was losing more than $ 1 million a month and was on the verge of bankruptcy. Smith tried unsuccessfully to find additional financial support. With only $ 5,000 left in the company bank account, Smith didn’t have enough money to pay the bill next week to refuel the company planes.
He decided it was time for the Hail Mary. He took the last $ 5,000 and flew to Las Vegas for the weekend. After hours at the blackjack table, he ended the weekend with $ 32,000, a $ 27,000 profit. That’s enough to pay the bill to refuel the plane the following week visit KaptenCasino.
It took only a few days to raise an additional $ 11 million to keep the business going. In 1976, Federal Express was able to make a profit of $ 3.6 million. Profits increased to about $ 40 million in 1980. In 2000, Smith was included in the list of the 400 richest people in the world.
Currently, Federal Express is the second largest airline in the world in terms of number of aircraft with more than 700 in the fleet. FedEx ships about 17 million packages per day and is estimated at $ 30 billion. Frederick Smith was named the 26th Largest Leader in the World by Fortune Magazine and has a net worth of over $ 6 billion.
Just imagine, what would happen if the time at the blackjack table didn’t work out?
I hope you enjoy this bit of history. Hopefully we’ll be back at the poker table soon. Meanwhile, try to stay happy and healthy during these difficult times.
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