Investor Robert F. Smith is known for his philanthropic spirit, but Sunday during a commencement address he topped himself and managed to surprise his own staff and everyone at Morehouse college in Atlanta.

The Atlanta Journal-Constitution writes:

Billionaire Robert F. Smith, who received an honorary doctorate at Morehouse College’s Sunday morning graduation exercises, had already announced a $1.5 million gift to the school.

But during his remarks in front of the nearly 400 graduating seniors, the technology investor and philanthropist surprised some by announcing that his family was providing a grant to eliminate the student debt of the entire Class of 2019. 

The donation, which will be distributed to the 400 graduating seniors, is estimated to be worth about $40 million. Watch the moment he announced it above.