Ted Waitt

Ted Waitt
Born	(1963-01-18) January 18, 1963
Occupation(s)	Entrepreneur, philanthropist
Known for	Co-founder of Gateway, Inc.

Theodore William "Ted" Waitt (born January 18, 1963) is an American entrepreneur and philanthropist, widely recognized as a co-founder of Gateway, Inc. and a billionaire businessman.

Career

On September 5, 1985, Waitt, alongside his brother Norm Jr. and Mike Hammond, launched Gateway 2000 with a $10,000 loan secured by his grandmother. The enterprise began operations on his father's cattle ranch in Sioux City, Iowa, before relocating first to Sergeant Bluff, Iowa and subsequently to North Sioux City, South Dakota. Gateway became known for its unique branding featuring a black-and-white Holstein cow pattern on its computer packaging.

In 1998, Waitt orchestrated the transfer of Gateway’s headquarters from South Dakota to Poway, California. He resigned as CEO towards the end of 1999 but resumed the role in January 2001. Following Gateway’s acquisition of eMachines in 2004, Waitt passed the CEO position to Wayne Inouye, the former eMachines chief executive. He stepped down as chairman in May 2005, marking the end of nearly twenty years with the company.

Waitt has been featured in Forbes’ rankings such as the Forbes 400 Richest Americans and the World's Billionaires lists. His net worth was estimated at $1.4 billion in 2008 but declined to $900 million by 2009 due to real estate setbacks and a divorce settlement.

During the dot-com surge, Waitt liquidated $1.1 billion worth of Gateway shares. In August 2007, Acer Inc. acquired Gateway for $710 million.

Celebrated as an innovative business leader, Waitt founded Avalon Capital Group, Inc., a private investment firm valued at over a billion dollars with diversified holdings across technology, healthcare, energy, finance, and real estate sectors. He also established the Waitt Foundation along with affiliated institutes dedicated to scientific research and violence prevention initiatives.

From 2016 to 2017, Waitt held the position of chairman on the Board of Trustees at the Salk Institute for Biological Studies, having joined the board in 2004 and contributed substantial financial support to the organization.

Personal life

Waitt is married to former model Michele Merkin. He has four children—Hailey Peschel, Emily Rose, Maxwell Griffin, and Sophia Marie—with his first wife Joan Theresa Peschel. His eldest daughter Hailey is married to ex-soccer professional Jordan Gafa.

For several years, Waitt was associated with Ghislaine Maxwell, who attended Chelsea Clinton’s wedding in 2010 as his companion. Maxwell played a role in assisting Waitt with purchasing and refurbishing the luxury yacht Plan B, which they used for travel until their relationship ended around late 2010 or early 2011.

Awards and honors

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

Philanthropy

Business Week acknowledged Waitt among America’s top 50 philanthropists for his contributions through the Waitt Foundation, which emphasizes marine conservation efforts by partnering with various organizations and initiatives often linked to the Waitt Institutes.

Established in 1993, the Foundation initially concentrated on preventing domestic violence and fostering community development. It is also a founding participant of the Blue Prosperity Coalition—alongside National Geographic Pristine Seas, Oceans 5, and Dynamic Planet—focused on assisting governments with sustainable ocean stewardship by providing funding, expertise, and resources to establish marine protected areas (MPAs).

On November 1, 2019, the Blue Prosperity Coalition announced a decade-long commitment of $150 million from the Waitt Foundation dedicated to ocean conservation. Prior to this, on September 15, 2016, the Foundation partnered with the Wildlife Conservation Society, blue moon fund (bmf), and Global Environmental Facility (GEF) to pledge $48 million toward expanding MPAs globally. In 2008, it awarded $20 million to the Salk Institute for Biological Studies for creating an Advanced Biophotonics Center.

The William J. Clinton Foundation has listed Theodore Waitt as a donor contributing between $10 million and $25 million. Furthermore, the Waitt Foundation provided $4 million toward the Sioux City Public Museum’s $13 million project budget during its grand opening on April 23, 2011.