Federal judge orders accounting firm to hand over Trump financial records

Storm warnings issued as tornadoes hit Oklahoma and Texas

At rally, Trump jokes about serving 5th term: Well drive them crazy

Cohen testified Trump attorney pushed him to lie to Congress

Volunteer describes the moment abducted girl was saved in Texas

Guatemalan teen is latest child to die in U.S. custody

NYPD officer accused of plotting to kill her husband and teen girl

Retired admiral cautions Trump on prospective pardons

Updated on: May 20, 2019 / 7:12 PM/ MoneyWatch

Morehouse College surprised by student loan gift

Billionaire Robert F. Smith pledged to pay off student loans for every member of Morehouse Colleges graduating class.

The Ivy League-educated business leader made his fortune investing in software firms and other tech companies.

Hes well-known for his philanthropy and is the first African-American to sign Bill and Melinda Gates Giving Pledge.

Members of Morehouse Colleges class of 2019 received more than their diplomas at the colleges commencement ceremony Sunday when honorary degree recipient Robert F. Smith announced he wouldeliminate the entire classs student debt.

This is my class, 2019, he said. And my family is making a grant to eliminate their student loans.

Morehouse is an all-male, historically black college in Atlanta. The billionaires gift is estimated to be worth about $40 million, based on the combined debt shouldered by the graduating classs nearly 400 students, making it the single largest individual donation to a historically black college or university.

Wrongfully convicted man to get $1.5 million after 46 years in prison

Billionaire tells Morehouse College grads hell pay their student loans

Celebrity chef offers to hire recently fired cafeteria worker

Oprah surprises Newark high school with $500,000 donation

Morehouse President David Thomas had no idea the announcement was coming.

People were stunned. If you look at any other film footage, you will see the students turning to each other. What did he say? Did he say what I think he said, Thomas told CBS News correspondent Mark Strassmann. This will allow them to pursue their dreams … As opposed to serving the debt.

The 56-year old Smith, who holds an undergraduate degree from Cornell University and a master of business degree from Columbia University, is the founder of the nearly 20-year-old Austin, Texas-based private equity firm Vista Equity Partners. His P.E. firm, which manages more than $46 billion in assets from pension funds and other big institutional investors, buys major stakes exclusively in software, data and technology companies. It has an exceptional annualized rate of return of 22%, according toForbes. The magazine also estimates the business whiz is worth about $5 billion.

Recognized for his leadership in both business and philanthropy, Smith is the first African-American to sign the Giving Pledge, created by Bill and Melinda Gates and Warren Buffett as a promise to commit at least half ones wealth to philanthropic causes. Other ultra-wealthy pledgers include former New York City mayor Michael R. Bloomberg and Facebook founder Mark Zuckerberg and his wife, Priscilla Chan.

Smith began his career in business at Kraft General Foods, where he earned a four U.S. and international patents, and joined Goldman Sachs in 1994 before ultimately founding his own investment firm.

His approach to philanthropy has been described as transformative, and his gifts, much like his grant to Morehouse students last weekend, are often unprecedented. Smith made a $20 million gift to the National Museum of African American History and Culture, making him the second-largest individual donor behind Oprah Winfrey, who donated $21 million to the museum. Other past gifts include sizable donations to Columbia and Cornell, whose School of Chemical and Biomolecular Engineering bears his name.

He is also the founder of the Fund II Foundation, a grantmaking organization focused on preserving and deepening the understanding of African-American history, safeguarding human rights, funding education and environmental initiatives, and promoting entrepreneurism.

Martin Luther King Jr.s daughter Bernice King tweeted her thanks Sunday to Smith who she said purchased her fathers birth home for the National Park Service through the fund.

Wow. What a love-power move by Robert Smith. I believe its the start of something major. Im grateful for what Mr. Smith, who purchased my fathers birth home for the National Park Service, is doing for @Morehouse, which happens to be Daddys alma master, she wrote on Twitter.

Wow. What a love-power move by Robert Smith. I believe its the start of something major. Im grateful for what Mr. Smith, who purchased my fathers birth home for the National Park Service, is doing , which happens to be Daddys alma mater.

Morehouse graduates interviewed byCBS This Morningsaid they expect that Smiths gift will have an immeasurable impact on their lives.

Just imagine the weight lifted off your shoulders when you have a clean slate coming out of college, said Dwytt Lewis, a 2019 graduate with a degree in business administration, who owed more than $150,000 in debt.

Its just an overwhelming feeling, in a good way, the formerly homeless student told Strassmann earlier Monday. Im so motivated to go change the world.

This isnt Smiths first gift to Morehouse. Earlier this year, he donated $1.5 million to fund endowed scholarships and build a park where students could study.

Smith did not return CBS News request for comment.

He said during his commencement address that he expects recipients to pay it forward, and hopes other benefactors will follow his lead and do what he did for future graduates.

His wife, Hope Dworaczyk, 34, whom he married in 2015, is a former Playboy model. She advocates for individuals with intellectual and developmental disabilities through an organization called Best Buddies.

© 2019 CBS Interactive Inc.. All Rights Reserved.

Although white students are becoming a minority in the public school system, they are seeing increasingly fewer students of color in their classrooms

While behind bars, Richard Phillips turned to painting, even supporting himself with his art after he was released

8-year-old Salem Sabatka was snatched in broad daylight over the weekend, prompting a frantic search

He announced his plan just after a weekend of campaigning in Iowa, touring farms and areas affected by extreme flooding

Subscribers to the cable networks streaming service have a history of leaving in droves after season finales

He announced his plan just after a weekend of campaigning in Iowa, touring farms and areas affected by extreme flooding

Cohen told the House Intelligence Committee that Jay Sekulow instructed him to lie about the timing of negotiations to build a Trump Tower in Moscow

U.S. District Judge Amit Mehta ordered the presidents accounting firm to comply with a subpoena and hand over records

Maybe if we really like it a lot and if things keep going like theyre going well go and well do what we have to do, the president told his ardent supporters

Lori Lightfoot, Chicagos first black female and openly gay mayor, is vowing to combat gun violence and corruption

The song went viral on Chinese social media as trade tensions escalate between the worlds two biggest economies

Lambert has been in a vegetative state since 2008 while family and doctors have debated his future

The boy was found unresponsive Monday morning after spending the night at a border patrol facility in Texas, according to agency officials

Russian gun-rights activist serving U.S. prison sentence for acting as an unregistered foreign agent

In 2015, someone else climbed the tower, dodging security cameras as he went

The latest one is dated March 2014 and appears to give the famous singers assets to family members

Subscribers to the cable networks streaming service have a history of leaving in droves after season finales

See what all your favorite celebrities wore to fashions biggest night

Ava DuVernay says she wanted to humanize the teens in the four-part Netflix series

Teslas stock price fell to its lowest level since 2016 after an influential stock analyst questioned its prospects

The U.S. decision to ban technology sales to Chinas Huawei hammered the technology sector, especially chipmakers

Ajit Pai said the corporate combo will bring faster mobile broadband to rural America and hasten rollout of 5G technology

The search and mobile giants apparent move follows Trumps executive order that effectively bans the Chinese company in the U.S., according to Reuters

After decades of promises, flying cars are finally becoming real, though they wont look like what The Jetsons promised

He announced his plan just after a weekend of campaigning in Iowa, touring farms and areas affected by extreme flooding

A trip through the Amazon brought Judy Lehmberg up-close-and-personal with a herd of peccaries

Videographer Carl Mrozek on the mustangs, descended from the horses left behind by Spanish colonialists, who are survivors on the beaches of North Carolina

Its now a crisis, an emergency, and we need to engage people to demand smart policy and innovation.

While disappointing, SpaceX was taking no chances with launch of its heaviest payload to date

Maker of Chicago-style hot dogs says 2,000 pounds of beef frank links may be contaminated with extraneous material

Maker says some breakfast and snack products sold nationwide may contain foreign matter like rocks, glass or plastic

A senior White House official didnt believe the president would have signed the Alabama law if he were governor

The American Society of Clinical Oncologys 20-year study looked at 49,000 women split into two groups with varying diets

Rose water was just one creation of the Dominican monks who in the 13th century began experimenting with alchemy at Florences Santa Maria Novella Pharmacy

Subscribers to the cable networks streaming service have a history of leaving in droves after season finales

Some parents are delaying retirement in hopes that a childs athletics pursuits will pay off in the long run

Maker of Chicago-style hot dogs says 2,000 pounds of beef frank links may be contaminated with extraneous material

Teslas stock price fell to its lowest level since 2016 after an influential stock analyst questioned its prospects

Investor worth $5 billion pledged to pay off $40 million in student debt for Morehouse Colleges entire class of 2019

While behind bars, Richard Phillips turned to painting, even supporting himself with his art after he was released

In 1971, Richard Phillips was arrested for a crime he didnt commit. After 46 years in prison, he was finally set free. As Steve Hartman explains, hes now getting compensation for the time he lost.

When an 8-year-old girl was taken in broad daylight near Fort Worth, Texas, a group of volunteers went looking for her. One man saw the suspects car and called for help. Omar Villafranca has the story.

8-year-old Salem Sabatka was snatched in broad daylight over the weekend, prompting a frantic search

Lori Lightfoot, Chicagos first black female and openly gay mayor, is vowing to combat gun violence and corruption

While disappointing, SpaceX was taking no chances with launch of its heaviest payload to date

NASA is gearing up to send American astronauts back to the moon by 2024, and it hopes to include a woman for the first time. The Trump administration has asked Congress to approve an additional $1.6 billion for NASAs budget. CBS News space consultant Bill Harwood joined CBSN to discuss the ambitious plans.

The newly announced Artemis program, named after the Greek goddess of the moon, intends to land astronauts on the South Pole of the moon by 2024

Trump administration asks Congress to kick-start NASA moon mission with $1.6 billion in additional 2020 funding

NASA says the moon is shrinking and it may be creating so-called moonquakes. Scientists say the moons interior is cooling and causing it to shrivel up like a raisin. The shrinking has caused ridges on the moons surface called thrust faults — where one section of crust is pushed up over a neighboring part. Scientists now believe those faults are to blame for the tremors.

Prince Harrys new baby Archie is the eighth great-grandchild for Queen Elizabeth and Prince Philip

See what all your favorite celebrities wore to fashions biggest night

In 1998, Dale Pike came to Miami to discuss a business deal with Enrico Forti — the next day he was dead, and Forti was the prime suspect

These are the lowest-rated sequels this century, according to Metacritics rankings

Since 2004, hundreds of thousands of anonymous contributors with something to get off their chest have sent postcards to the website

A federal district judge ruled to uphold a subpoena for President Trumps financial records. CBS News political correspondent Ed OKeefe explains the Presidents reaction to the ruling, as well as his stance on restrictive anti-abortion legislation passed in several states.

In 1971, Richard Phillips was arrested for a crime he didnt commit. After 46 years in prison, he was finally set free. As Steve Hartman explains, hes now getting compensation for the time he lost.

When an 8-year-old girl was taken in broad daylight near Fort Worth, Texas, a group of volunteers went looking for her. One man saw the suspects car and called for help. Omar Villafranca has the story.

Billionaire Robert F. Smith surprised the Morehouse College 2019 graduating class by helping erase their student loan debt. The gift was even a surprise to the schools president. Mark Strassmann explains.

President Trump is considering pardons for several Americans who have been convicted or accused of committing war crimes. It would be an unprecedented move for a commander in chief. David Martin reports.

Copyright © 2019 CBS Interactive Inc. All rights reserved.

Market data provided byICE Data ServicesICE Limitations. Powered and implemented byFactSet. News provided by The Associated Press.Legal Statement.