Billionaire commencement speaker hands out $1K to every graduate — but there's a catch

NORTH DARTMOUTH, Mass. (WJW) - University of Massachusetts Dartmouth graduates walked away from commencement with more than just their diplomas. They also received some unexpected cash in their pockets.

During the graduation ceremony last week, commencement speaker Robert Hale, Jr., who is the founder and CEO of Granite Telecommunications, announced that every graduate would be handed $1,000 in envelopes.

"Each of you is getting $1,000 in cash right now," Hale said. The crowd, wearing ponchos and carrying umbrellas due to the rain, broke into cheers. (You can watch their reaction here.) Security guards then lugged the cash-filled duffel bags onto the stage.

But, the offer came with a special catch.

Graduates were told to keep $500 as a gift, but the other $500 had to be given away to someone else in need or a charity of their choice.

"These trying times have heightened the need for sharing, caring and giving. Our community needs you and your generosity more than ever," said Hale. "The greatest joys in life that we have experienced have come from giving. We want to share that gift of giving with you today."

Hale has an estimated net worth of $5.4 billion, according to Forbes. He received a UMass Dartmouth Chancellor's Medal for the philanthropy work that he and his wife Karen have done over the years.

According to the university, the envelopes were handed out to roughly 1,200 Class of 2024 students. The students didn't know in advance Hale would be the commencement speaker, nor that he'd be giving away money.

It's the fourth year in a row that Hale has given a similar gift to a group of graduating students. Last year it was to students at UMass Boston, and before that it was to students at Roxbury Community College and Quincy College.

He said local elementary schools personalize the two envelopes given to each of the students. One says “Gift” and one says “Give” and each contains $500. He acknowledged there was no way to ensure the students give away half the money.

“But I believe that the vast majority do the right thing and then are joyful because of it," he said.

Hale is — unsurprisingly — in hot demand as a commencement speaker, and he said he plans to give away more cash next year. But which commencement he will attend will again remain a surprise.

The Associated Press contributed to this report.