In the pouring rain, Robert Hale Jr., founder and CEO of wholesale telecommunications provider Granite Telecommunications, took the stage for the graduation ceremony at the University of Massachusetts Dartmouth.

Hale pointed to the security guards coming on stage with two duffle bags he had packed with envelopes of cash. Hale then announced that each graduate who crossed the stage would receive one $500 envelope to keep as a gift and a second $500 envelope to give to someone in need or a charity or cause close to them.

Video shows the students, sitting underneath umbrellas and wearing ponchos in the rain, erupting in cheers at the news. Hale, who is reportedly worth $5.4 billion, told the crowd that for him and his wife Karen, “the greatest joys we’ve had in our life have been the gift of giving. Our community and our world need our help now more than ever.”