
FedEx founder Fred Smith dies aged 80
FedEx founder Fred Smith, the billionaire father of NFL coach Arthur Smith, has died at the age of 80 according to multiple reports.
The elder Smith began operating FedEx in 1973, with the company going on to become a multinational force providing transportation, e-commerce and more.
A cause of death has not yet been provided for Smith, who was also a minority owner of the Washington Commanders from 2003 to 2021.
The founder of Memphis, Tennessee-based FedEx was honored by several politicians following his passing, including Tennessee Sen. Marsha Blackburn.
'I am deeply saddened by the passing of Fred Smith,' she said. 'As the founder of FedEx, his leadership and innovation transformed global commerce, and he will be remembered for his relentless drive, patriotism, and commitment to service.
'His legacy will endure not only through the company he built but through the countless lives he touched. Praying for his wife, children, and family.'
Smith, who was worth $5.3billion at the time of his passing according to Forbes, was also known for his philanthropy work, as he donated millions of dollars to the Marine Corps Scholarship Foundation (he served in the Marine Corps for four years before founding FedEx).
The businessman stepped down as FedEx's CEO in 2022 (though he continued to serve as executive chairman), and he was hailed as 'the most significant Memphian in history' on Saturday by the city's former mayor Jim Strickland.
'He benefited our city in every way possible and allowed generations of Memphians to achieve the American dream,' Strickland continued. 'God bless Fred Smith. My condolences to the Smith family.'
Arthur, 43, was born in Memphis before ultimately becoming an NFL coach.
He worked for his hometown franchise, the Titans, for nine years as he rose the ranks from defensive quality control coach to offensive coordinator from 2019-20.
He accepted the Falcons' head coaching job in 2021, and was ultimately fired after the 2023 season after posting a 7-10 record for the third consecutive year.
Arthur is currently the Steelers' offensive coordinator.
And Pittsburgh fans offered some words of support for the coach after they learned of the news.
'Have to feel for Arthur tonight. Losing a parent is rough. RIP Mr Smith,' one said on X.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Auto Blog
27 minutes ago
- Auto Blog
Tesla Insurance 2024 Losses, Combined Ratio & Safety Score Data-Driven Risks
Customer complaints mount as payouts lag In May 2025, Tesla's insurance arm posted a combined ratio of 121% — meaning for every dollar in premiums, it paid out $1.21 in claims and expenses. For context, most insurers break out into a profuse, 'I am going to lose my job' sweat if that number nudges above 95%. Elon Musk pitched Tesla Insurance, a subsidiary of Tesla Inc. as the 'missing piece' in the Tesla ecosystem. He argued Tesla owners now crave more than torque — they want their insurance bill to shrink as fast as their 0–60 mph time. 0:07 / 0:09 2025 Audi S3: 4 reasons to love it, 2 reasons to think twice Watch More Tesla Insurance Loss & Combined Ratios versus Industry Average, 2023–2024. In this chart, you can see just how far off the mark Tesla is compared to the industry average. The loss ratio shows what portion of premiums is paid out in claims, while the combined ratio adds all expenses. Above 100%? You're losing money on every single policy you sell, even before you count the cost of keeping the lights on. For Tesla, that means underwriting losses — $42 million in the first nine months of 2024 alone. It might not look like a lot, but by insurance industry standards, year over year 2023-2024 Tesla are still bleeding profusely. These are very serious 'in the red' numbers for an insurance company. The chart highlights that Tesla Insurance's loss and combined ratios were much higher than the industry averages in both 2023 and 2024. Even as Tesla improved in 2024, it still paid out far more in claims and expenses than it collected in premiums — underscoring ongoing profitability challenges compared to traditional auto insurers. The Third-Person Cinematic Scene The Tesla Insurance sold by Musk offered a 'disruptor' view of car insurance, no doubt spurred on by asking himself what in the data they already collect from owners' cars could they captialize on. Picture a Model Y idling in a suburban driveway, the morning sun glinting off its glass roof. The owner sips coffee, scrolling through the Tesla app — not for a new FSD beta, but to check how must she will have to pay this month in car insurance. The number flickers, driven by last week's hard braking and that one questionable left turn. A push notification: 'Safety Score: 92. Your rate may decrease.' But as the birds chirp and the caffeine kicks in, a question lingers: Is Tesla's insurance experiment a revolution in risk or just another Silicon Valley mirage? Let's also not forget a Tesla Y is meant to also be able to go off-road. What happens to this month's premium if our owner decides to take the family for a spin to a favorite camp site? What about when you decide to go hands-free? The premium will surely spike. The Disruptor's Dilemma: When Data Meets Damage Claims Tesla Insurance launched with a promise: harness real-time driving data, reward safe behavior, and undercut legacy insurers. The pitch? 'We know our cars best, so we can price risk better.' For a while, it worked—sort of. By 2024, Tesla Insurance had reached a $300 million annual premium run rate and was available in 16 states (Tesla Q1 2025 Earnings). But then came the numbers: a combined ratio of 145% in 2023, easing to 'only' 121% by Q3 2024. Progress, sure, but still deep in the red. Any other insurer would be firing people hand over fist. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Safety Score: The Algorithmic Tightrope Tesla's secret sauce is the Safety Score — a real-time, black-box rating that turns every commute into a behavioral audit. Hard brake at a yellow light? That's a ding. Take a corner with a little too much verve? Another. Go off-road? God only knows. In theory, this should incentivize safer driving and lower claims. In practice, owners complain about 'phantom dings', lifestyle choices they didn't have to make before, and inscrutable penalties. Again, Tesla's monitoring feels both opaque and invasive. And then there's the repair bill. Teslas remain expensive to fix, with parts and labor often pricier than their ICE counterparts. And mostly VIN-locked. Even with all that data, Tesla Insurance can't escape the gravitational pull of high repair costs — especially as increased vandalism and accident rates tick up in urban markets. The Investor's Paradox: Growth vs. Gravity For investors, Tesla Insurance is both a carrot and a stick. The business is growing — fast — but the losses are stubborn. As Tesla expands coverage and refines its algorithms, the combined ratio is falling, but not fast enough. The industry gold standard is a combined ratio below 95 percent. Tesla's 121 percent is still a very long way from liquid. Tesla Insurance has kept being able to pay claims despite earning less than the costs by cash infusions from Tesla Inc, their parent company. Tesla Insurance lost $30 million in 2023, and $42 million for the first 9 months of 2024; so it will be well over $50 million for the full 2024 so expect the line for 2024 in the chart to rise. The stakes are real, of course. If Tesla cracks the code, using its data edge to drive down claims and costs, and its owners feel it adds to their life, it could rewrite the rules of auto insurance. It needs to do this without alienating the insured with premium increases on every hard brake. If they can't do these things, the business becomes a costly distraction, a cautionary tale for tech giants who think they can outsmart old-school actuaries. Real-World Rituals: The Human Cost of Disruption For owners, the promise of lower premiums is offset by frustration with claims processing and the opaque Safety Score, which nudges their premiums up and down seemingly at random. The ritual of checking your rate has become a new form of range anxiety. Will this month's premium spike because of a single swerve? Meanwhile, Tesla forums buzz with tales of denied claims and customer service black holes. So, is Tesla Insurance the promised disruptor? Is it a revolution in the making or a slow-motion fender-bender? The numbers say 'not yet' — but the experiment is far from over but shrouded in corporate blood lost. At 70 mph, with the Safety Score whispering in your ear, you have to wonder: is this the future of insurance, or just another beta test by a known conjurer? In the end, all we really want is a policy that's as smart — and as fair — as the car it covers. About the Author Brian Iselin View Profile


Reuters
27 minutes ago
- Reuters
Report: Rockets to acquire Kevin Durant from Suns
June 22 - The Houston Rockets are acquiring 15-time All-Star forward Kevin Durant from the Phoenix Suns in exchange for guard Jalen Green, forward Dillon Brooks, the No. 10 overall pick in the 2025 NBA Draft and five second-round picks, ESPN reported Sunday. Durant has one season left on his current deal and is set to earn $54.7 million in 2025-26. Durant, who turns 37 in September, played in 62 games with the Suns in 2024-25. He averaged 26.6 points, 6.0 rebounds, 4.2 assists and 1.2 blocks, not far off of his career averages. He also shot 43.0 percent from 3-point range. Selected to the All-NBA first team six times, Durant has appeared in 1,123 games with the Seattle SuperSonics/Oklahoma City Thunder (2007-16), Golden State Warriors (2016-19), Brooklyn Nets (2020-23) and Suns. He has career averages of 27.2 points, 7.0 rebounds. 4.4 assists and 1.1 blocks, shooting 39 percent from long distance. Once the new league year begins on July 6, Durant is eligible to sign a two-year extension worth up to $122 million. --Field Level Media


The Guardian
37 minutes ago
- The Guardian
Kevin Durant reportedly traded from Suns to Rockets in blockbuster deal
Kevin Durant is set to swap Arizona for Texas, with ESPN reporting on Sunday that the Phoenix Suns and Houston Rockets have agreed a trade for the 36-year-old. According to ESPN, the Suns will receive Jalen Green, Dillon Brooks, the No 10 pick in this year's draft and five second-round picks in return for Durant. If the trade goes ahead it will be formally completed when the new league year starts on 6 July. Durant's best years are behind him but he still averaged 26.6 points, 6.0 rebounds and 4.2 assists for the Suns in 62 games in 2024-25. He is a 15-time All-Star, four-time scoring champion and was NBA MVP in 2014. The Rockets would be Durant's fifth team after the Oklahoma City Thunder, Golden State Warriors, Brooklyn Nets and Suns. He won two titles with the Warriors and was also NBA finals MVP twice during his time in California. Last season was a disappointing one for the Suns, who finished with a 36-46 record, despite having the highest payroll in the NBA. The Rockets, meanwhile, finished second in the Western Conference but were eliminated by the Warriors in the first round of the playoffs.