How Fedex boss saved his company in 1970's

Within just a few years of starting FedEx, Fred Smith faced a critical moment that would determine the future of his company. What began as a bold idea written in a college term paper had quickly grown into a real business, but by the mid-1970s, FedEx was on the brink of collapse.

By 1974, the situation was dire. FedEx had just $5,000 left in its bank account, and Smith's efforts to secure more funding were repeatedly rejected.

Bankruptcy seemed almost inevitable. However, Smith wasn't ready to give up.

On a fateful trip back from a failed pitch to General Dynamics, Smith made an impulsive decision that would change everything. He detoured to Las Vegas and took the last $5,000 of the company's funds to the blackjack tables.

Smith won $27,000 – enough to keep FedEx afloat for a little longer. “The $27,000 wasn't decisive, but it was an omen that things would get better,” Smith later said about the gamble.

This unexpected win gave him enough breathing room to raise another $11 million in funding. With this new capital, FedEx weathered the storm and went public in 1976