Rob Hale, the billionaire CEO of Quincy-based Granite Telecommunications, has done it again.
Hale announced Friday at Bridgewater State University‘s undergraduate commencement that each newly minted grad would receive a gift of $1,000 — $500 of which they get to keep, and $500 of which they’re asked to give away to an organization of their choice or someone in need.
The crowd at Gillette Stadium erupted in cheers upon hearing the news, as graduates dressed in caps and gowns jumped up and down, clapped, and pumped their fists in the air.
Speaking at the ceremony, Hale said each graduate would receive two envelopes. One containing a gift for them and the second, “the gift of giving.”
The Granite Telecommunications CEO (and Boston Celtics limited partner) has made the financial gifts something of a tradition, giving $1,000 to graduates at the University of Massachusetts Dartmouth in 2024, at UMass Boston in 2023, and at Quincy College in 2021.
Hale started Granite in 2002 after his previous telecom, Network Plus, filed for bankruptcy.
He spoke about what it was like declaring bankruptcy during his speech on Friday.
“I drove that business into bankruptcy, and in the process — this is the truth — lost more than a billion dollars. Have you guys ever met someone before who lost a billion dollars?“ Hale asked. ”The chances are very high I’m the biggest loser you’ve ever met.”
Hale recalled the difficult conversations he had to have, and the impact it had on his family.
“My wife is at home with a 4 year old, a 2 year old, and a 6 year old,” he said. “She picked up the phone. On the end of the call, the guy said, ‘Because of what your husband’s done, I’m coming over to kill you.’”
Hale said he felt like he’d hit rock bottom and failed.
“But failure is part of the process,” he said.
It turned out to be a learning experience.
“I’ve had cool things happen in my life,” he said. “Do you know when they happened? Post failure.”
Hale told the Bridgewater State graduating class that they should never give up.
“As a leader, you should take chances,” he said.
Hale now has a net worth of $5.8 billion, earning him a spot on Forbes magazine’s list of the 400 Richest People In America.
Granite provides voice, data and other communications services to businesses and governmental agencies in the United States and Canada, and the company generated over $1.8 billion in sales in 2023, according to Forbes.
Hale and his wife, Karen, are known for their generosity. After Hale completed the Boston Marathon last year, the couple donated $26.2 million to more than 70 local charities.
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