Billionaire CEO gifts colleges grads with $1,000 cash under one condition

One billionaire who awarded 1,200 college graduates with $1,000 cash spoke out after distributing the generous gift, calling it the "American way" to provide others with more opportunity during "Fox & Friends" on Tuesday. 

Robert Hale, Jr., the founder of Quincy-based Granite Telecommunications, discussed why he gave the students the envelopes with cash - which came with a special request for them to each donate half to a charity of their choice. 

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"I do think it's the American way. I think that… the American dream, as you know, is to be given an opportunity, and we have been given that opportunity and, hopefully, we've made lots with it," Hale said. "But the truth is, all of those successes are a byproduct of the American community, so… we want to share with that community."

"So it connects closely that America gives you a chance, and then the American community needs your help," he continued. "And there is they're inextricably linked."

Hale told students that "each graduate who crossed the stage" on Thursday "would receive one $500 envelope to keep as a gift" while the second $500 envelope is intended to be given to "someone in need or a charity or cause close to them," the university said. 

"These trying times have heightened the need for sharing, caring, and giving," Hale said. "Our community needs you and your generosity more than ever." 

He explained he and his wife began this special "tradition" of giving during the pandemic to celebrate graduates who were deprived of basic college-era experiences during the lockdowns. 

"Honestly, we did this four years ago in the middle of the COVID pandemic," Hale said. "The graduates… four years ago… they really didn't get to go to school. They didn't get to be in class. They didn't get a chance to be social, and so my wife and I, we were honored to be asked to give the commencement address at Quincy College."

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"We thought about, hey, let's celebrate these kids, and then when we thought about it a little more deeply, we are very fortunate, and some of the best times in our life come from the joy of giving," he continued. "So we thought, let's celebrate the kids, and let's help them understand the joy of sharing, and that it's kind of become a lot of fun for us and maybe a tradition."

There were around 300 graduates who weren't physically at graduation. Co-host Steve Doocy asked Hale what would happen to their cash since they weren't in attendance. 

"We got a dozen or so, beggars, if you will. That's not the right word, but people who were concerned that for a variety of different reasons, they didn't get a chance to make the commencement, in my opinion, in life is you got to show up," Hale said. "So, we took that there were 300,000, extra dollars. We put them into a financial aid package at UMass Dartmouth. So it's staying with the school and then going to help the school."

"But I think it's important," he continued. "You got to show up… to be awarded."

Hale, who is also part of the Boston Celtics ownership group, has an estimated net worth of $5.4 billion, according to Forbes. He has donated more than $270 million to charitable causes like educational institutions and cancer research. 

FOX Business' Greg Norman contributed to this report.