Robert F. Smith, the richest Black man in America, wants to invest in students from historically Black colleges and universities (HBCUs) by helping them invest in the stock market, Al.com reported.
The billionaire – who acquired his wealth through the private equity industry – aims to educate HBCU and minority serving institutions (MSIs) students on financial wellness through his Student Investment Program.
The program will give 500 HBCU and MSI students with $1,000 to invest and investment education to grow their stock portfolios. The program begins next year, with more than 43 schools participating.
“This program uniquely provides the tools, capital, education and community support necessary to equip the next generation to take control of their financial futures,” Smith said in a statement.
The program is supported by Smith and financial institutions Stackwell and Prudential.
“Increasing Black participation and representation in the financial markets is critical to addressing the historic economic and social inequities that have disproportionately impacted HBCU students for decades,” Trevor Rozier-Byrd, founder and CEO of Stackwell, said in a statement.