Fred Smith FedEx Founder Cause of Death, Net Worth, Family and the Infamous Gambling That Saved His Company

Fred Smith, the visionary founder of FedEx, has died at the age of 80. Known for revolutionising global logistics and taking bold risks, including a now-famous blackjack gamble, Smith turned a college idea into a multi-billion-dollar company.

His death on 21 June 2025 marks the end of a remarkable legacy that continues to shape the way the world moves goods.

Fred Smith's Cause of Death Confirmed

Fred Smith passed away from natural causes at his home in Memphis, Tennessee, according to an official statement from FedEx. As the company's founder and long-time leader, Smith was widely regarded as a pioneer in the shipping and logistics industry. He was described by FedEx CEO Raj Subramaniam as the 'heart and soul of FedEx.'

In his message to employees, Subramaniam added:

'He was a mentor to many and a source of inspiration to all. He was also a proud father, grandfather, husband, Marine, and friend.'

Tributes have since poured in from global business leaders, political figures, and FedEx employees, honouring the man whose vision reshaped how goods are delivered across the globe.

Fred Smith Net Worth and Business Legacy

At the time of his death, Fred Smith's net worth was estimated at £3.9 billion ($5.3 billion), according to Forbes. In 1971, he used part of a £2.9 million ($4 million) inheritance to launch Federal Express, based on a concept he had outlined in a Yale economics paper: a centralised hub system for overnight delivery.

From modest beginnings with 14 aircraft, FedEx grew into a global logistics powerhouse, now operating in over 220 countries, with more than 700 aircraft and 500,000 employees. Smith served as CEO until June 2022, then continued as Executive Chairman until his passing.

His impact on global commerce, e-commerce, and supply chain logistics remains one of the most significant in corporate history.

The Infamous Gambling That Saved FedEx

One of the most legendary stories from Fred Smith's early years as an entrepreneur involves a desperate gamble, literally. In the 1970s, with FedEx on the brink of collapse and only £3,700 ($5,000) left in the company account, Smith flew to Las Vegas.

There, he used the remaining funds to play blackjack, winning £20,100 ($27,000)—enough to pay a crucial fuel bill and keep the company operating. This brief lifeline allowed him to secure £8.1 million ($11 million) in new investment, saving FedEx from bankruptcy.

Reflecting on the moment, Smith later said:

'No business school graduate would recommend gambling as a financial strategy, but sometimes it pays to be a little crazy early in your career.'

The story remains a defining moment in FedEx history and a symbol of entrepreneurial daring.

A Family of Achievers: Fred Smith's Legacy Lives On

Fred Smith is survived by ten children, several of whom have made their own mark in various industries:

• Arthur Smith is a prominent figure in the NFL, currently serving as the offensive coordinator for the Pittsburgh Steelers.
• Molly Smith is a successful film producer in Hollywood.
• The late Windland Smith Rice was an award-winning nature photographer.
• Richard W. Smith holds an executive role at FedEx, continuing his father's business legacy.

His family's accomplishments reflect the same drive and discipline that defined Smith's own career.

The Ongoing Legacy of Fred Smith

Fred Smith's passing marks the close of a bold and transformative chapter in global business. His innovations changed the way the world handles shipping, commerce, and logistics. From a Yale thesis to a billion-dollar empire, and from a Vegas blackjack table to boardrooms around the world, Smith's story is one of vision, resilience, and relentless execution.

Though he is gone, his legacy continues through the company he built, the family he raised, and the industries he reshaped. Fred Smith will be remembered not only as a logistics legend but as a symbol of daring leadership and innovation.