Hi, I'm Dan Primak and welcome to Axios Recap, presented by Facebook.

Today is Friday, August 21st.

Tesla stock is way up, new U.S. COVID cases are down, and we're focused on one of America's

most celebrated philanthropists.

In May 2019, America was captivated by a commencement address given to the graduating class at Morehouse College by Private Equity Titan Robert Smith.

In case you forgot about it, here's a refresh.

On behalf of the eight generations of my family who have been in this country, we're going to put a little fuel in your bus.

Now, I've got the alumni over there, and this is a challenge to you, alumni.

This is my class, 2019.

And my family is making a grant to eliminate their student loans.

This was Smith's major introduction to the national stage. But for more than a decade prior, he had been a major financial player, buying up software companies through his firm Vista Equity Partners.

He also had already become America's wealthiest black billionaire, given around $20 million

to help create the Smithsonian's National Museum of African American History and was regularly

talked about in his home state of Texas as a future governor or senator.

But what we learned today from Bloomberg News is that for at least the past four years,

Smith has been quietly fending off a criminal investigation by the IRS.

In short, Smith reportedly directed some of his

early private equity profits to an offshore holding company that was then used to fund his

philanthropy without first paying taxes on it. That may or may not have been illegal, depending on what

Smith said he planned to do with the proceeds before earning them. So far, no charges have been illegal, depending on what Smith said he planned to do with the proceeds before

earning them. So far, no charges have been brought, and it's important to reiterate that. No

charges have been brought, and Smith does continue to work towards some sort of settlement, if

...