Ted Waitt

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Ted Waitt
Born (1963-01-18) January 18, 1963 (age 61)
Sioux City, Iowa, U.S.
Known forCo-founder of Gateway, Inc.
Spouses
Joan Peschel
​
(divorced)​
Children4

Theodore William "Ted" Waitt (born January 18, 1963) is an American

philanthropist. Waitt is a co-founder of Gateway, Inc.[1]

Career

On September 5, 1985, Waitt, his brother Norm Jr., and Mike Hammond started Gateway 2000 with a $10,000 loan secured by Waitt's grandmother. The company began on Waitt's father's cattle ranch in

Holstein cow pattern.[2]

Waitt led a move of the company's headquarters from South Dakota to Poway, California in 1998. Waitt relinquished his post as CEO of Gateway in late 1999 to Jeffrey Weitzen, but returned to the post in January 2001.

In 2004, after the acquisition of

CEO to Wayne Inouye,[3] the former CEO of eMachines. In May 2005, he resigned as chairman of the company,[4]
ending a near 20-year run with the company he co-founded.

Waitt has been featured on numerous lists by Forbes magazine. He has held a spot on both the Forbes 400 Richest in America as well as Forbes list of the World's Billionaires. He has also been listed on Fortune Magazines "40 Richest Under 40", a list of the 40 wealthiest self-made Americans under the age of 40 in the United States. The 2008 Forbes 400 List listed Waitt with a net worth estimated at $1.4 billion. Waitt fell off the Forbes 400 list in 2009 with a net worth estimate of $900 million. Forbes speculated that the drop from the previous year was as a result of "souring real estate" and a divorce settlement.[5]

According to the September 2002 issue of Fortune Magazine,[6] Waitt sold $1.1 billion in Gateway stock during the dot-com era. In August 2007, Gateway was acquired by Acer Inc. for $1.90 per share or $710 million.[7]

Labeled a maverick by national business and technology publications,[8] he has gone on to form four enterprises that are his chief interests: Avalon Capital Group, Inc., a wholly owned, billion-dollar private investment company with diverse interests in technology, health care, energy, finance, and real estate; and the Waitt Foundation, Waitt Institute and Waitt Institute for Violence Prevention, nonprofit organizations dedicated to the improvement of mankind's knowledge through historical and scientific exploration.

Waitt served as chairman of the Salk Institute for Biological Studies Board of Trustees from November 28, 2016, until November 20, 2017. He originally joined the Salk Board of Trustees in 2004 and has served in numerous roles while donating millions of dollars to the institute.[9][10][11]

Personal life

Waitt is married to former model Michele Merkin. He and his first wife Joan Theresa Peschel had four children, Hailey Peschel, Emily Rose, Maxwell Griffin, and Sophia Marie. Waitt's eldest daughter, Hailey, is married to former soccer player Jordan Gafa.

Waitt was romantically linked to

La Jolla, California (purchased in 2005 for $13.32 million and put for sale for $22.9 million in November 2015).[13] Waitt also owns a home in Beverly Hills, California. In 2020 he bought the Malibu, California residence of designer James Perse.[13]

Awards and honors

Waitt was awarded an honorary doctorate by the University of South Dakota.[1]

Philanthropy

Business Week named Waitt one of America's 50 most generous philanthropists due to his work with the Waitt Foundation.[14] The Foundation funds partnerships and projects, sometimes in conjunction or collaboration with the Waitt Institutes, focused on marine conservation.

Established in 1993,

marine protected areas
(MPA).

On November 1, 2019, the Blue Prosperity Coalition announced a ten-year, $150 million commitment from the Waitt Foundation towards its ocean conservation efforts.

marine protected areas (MPA).[18] On 1 May 2008, the Salk Institute for Biological Studies announced[19] the grant of $20 million from the Waitt Foundation to fund the creation of an Advanced Biophotonics Center. On 18 December 2008, the William J. Clinton Foundation released a list of all contributors. It included Theodore Waitt, who gave between US$10–25 million.[20] On April 23, 2011, the Sioux City Public Museum had its grand opening. $4 million[21]
of its $13 million development budget was donated by the Waitt Foundation.

References

  1. ^ a b Executive Profile: Theodore W. Waitt Ph.D., Bloomberg Business (accessed December 28, 2015).
  2. ^ "Early History of Gateway 2000". Free Encyclopedia of Ecommerce. Archived from the original on May 25, 2007.
  3. CNET Networks
    . 2004-03-11.
  4. CNET Networks
    . 2005-05-19.
  5. ^ [1] Forbes 2009 List
  6. ^ [2] Fortune, September 2, 2002
  7. ^ [3] NBC News, August 27, 2007
  8. ^ [4] Wired, May 1995
  9. ^ [5] Salk Institute release, November 28, 2016
  10. ^ [6] San Diego Union-Tribune, November 28, 2016
  11. ^ [7] Salk Institute release, November 20, 2017
  12. ISSN 0362-4331
    . Retrieved 2019-08-15.
  13. ^ a b Neal J. Leitereg, Billionaire Ted Waitt lists his loaded estate in La Jolla for $22.9 million, Los Angeles Times (November 24, 2015).
  14. Business Week. 2003-12-01. Archived from the original
    on 2008-10-11.
  15. ^ "Waitt Foundation - Our History". Archived from the original on 2008-04-29.
  16. ^ "Experts Launch Blue Prosperity Coalition".
  17. ^ "Waitt Foundation Commits $150 for Ocean Conservation".
  18. ^ "WCS, Waitt Foundation, blue moon fund, and Global Environment Facility Announce $48 Million Marine Commitment". National Geographic Society. 2016-09-15. Archived from the original on September 16, 2016.
  19. ^ "Waitt Foundation grant to Salk Institute for Biological Studies - Advanced Biophotonics Center".
  20. ^ Contributor Information to the William J. Clinton Foundation Archived 2013-03-27 at the Wayback Machine
  21. ^ "Waitt Foundation grant to Sioux City Public Museum". 24 April 2011.
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