Businessman Orlando Bravo Discusses his $100 Million Donation to Help Puerto Rico.
BOLDUAN: If you're keeping count, it has been 20 months since Hurricane Maria tore through Puerto Rico, leaving the Americans there and the island ravaged. Still today, Congress is struggling to approve a full disaster relief bill for Puerto Rico. But some in the private sector, they are no longer waiting and stepping up, and stepping up in a big way. One of those people is investor and philanthropist, Orlando Bravo. Orlando Bravo is joining me now. Thanks so much for being here. I really appreciate it. For perspective for folks, right after Hurricane Maria, you donated $10 million in direct humanitarian aid to the island. Today, you're making a very big announcement, $100 million to Puerto Rico. I mean, the number, in and of itself, is astonishing. Why $100 million, Orlando? Why now?</s>ORLANDO BRAVO, INVESTOR & PHILANTHROPIST: You know what, our team is fired up about this. We are bringing Silicon Valley into Puerto Rico, and we're doing it from a philanthropic perspective. See, I grew up in Mayaguez, Puerto Rico, and, for me, it's very personal. And I grew up across street from the University of Puerto Rico, Mayaguez campus, that has all the tech students, engineering students that graduate. And 70 percent of those leave the island. Now, I left right after high school. And people along the way -- and this is a story that a lot of us have. People along the way helped me. And I ended from a place of the least opportunity to Silicon Valley doing software and private equity. You cannot find a better place to get lucky over the last 20 years. So once we did the humanitarian aid relief in Puerto Rico, we stayed in these communities.</s>BOLDUAN: I do find it fascinating that -- Puerto Rico is still in need of direct humanitarian aid and I find it fascinating that this isn't that. What you're wanting to do is put more towards jobs and helping people in Puerto Rico start businesses. Why that now?</s>BRAVO: Exactly. The problem that our foundation is tackling is one of income inequality.</s>BOLDUAN: This is long term?</s>BRAVO: Yes. An extremely topical point right now in the U.S. The U.N. did a study, and it ranked Puerto Rico in the top-five countries in the world in terms of income inequality. And as a result of that, poverty rates are 44 percent and I expect it to climb to 60 percent. The way we can help, from our skills in business, the tech companies that we can work with is, let's create jobs in Puerto Rico and let's give opportunities to talented young adults through entrepreneurship that otherwise don't have those opportunities.</s>BOLDUAN: It is no secret that when it comes to the federal government response, it has been widely criticized. Congress is still fighting to get a relief bill through. And you have the president of the United States who has been highly critical of the government officials on the ground. I was just looking back. One of the things that the president has even said is, when it comes to the politicians, "They are grossly incompetent. Spend the money foolishly or corruptly, and only take from the U.S." Do you see yourself as filling a void? Do you see yourself stepping in because of inaction by the government, because of the president of the United States saying these things about your home?</s>BRAVO: We absolutely feel that we are filling a void. Now, there are so many theories of why this happened, why this poverty rate, why this income inequality. There should be more help in Puerto Rico. Now we're taking matters into our own hands. We're doing what we can with the skills that we have.</s>BOLDUAN: It's sad. But it's wonderful and sad that it requires that. But thank you for coming in and thank you for making that announcement. We'll follow what this money does for Puerto Rico. I really appreciate it, Orlando. Thank you.</s>BRAVO: Thank you so much.</s>BOLDUAN: Thank you so much. All right. So with the good news of what you heard just from Orlando Bravo as well, we've got much more news to come. We'll be right back.