Billionaire Robert Smith said young Americans need a better understanding and appreciation of capitalism, as wealth and success come under attack on the Democratic campaign trail.
, a Denver-based software firm that was acquired in 2016 by Smith's private equity firm, Vista Equity. Smith said that entrepreneurial stories like that of Ping and its founder, Andre Durand, are what defines America. Ping shares surged more than 30% in their market debut.Smith is best known for hisin May.
"I didn't expect it to be as global," he said. "Frankly, I was hoping it would create what I call the ripple effect and it is." He said he had recently met with a group of investment executives who said they were inspired by his announcement to devote "energy, effort and capital" to alleviate student loan debt in their local communities.
"I was touched by that," he said. "I get stories like that all the time. People say 'You inspired me.' Now we're seeing institutions taking that level of inspiration and doing something about it. It's exciting." Billionaires are coming under increasing criticism by Democratic politicians and younger voters who argue that capitalism has benefitted a lucky few while leaving behind most Americans. Presidential candidate Sen.
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