Theodore William 'Ted' Waitt, born on January 18, 1963, in Sioux City, Iowa, to a family in the cattle business for four generations—his father was Norman Waitt Sr., a cattle broker—is a billionaire co-founder of Gateway, Inc. (originally Gateway 2000). Raised in Sioux City, he briefly attended the University of Iowa from 1982 to 1984 without earning a degree. On September 5, 1985, at age 22, Waitt co-founded the company with his brother Norm Jr. and Mike Hammond, using a $10,000 loan secured by his grandmother. He served as chairman and CEO from 1985 to 1999 and again from 2001 to 2004, during which the company grew significantly before facing economic challenges. After departing Gateway in 2000 and briefly returning to aid its recovery, Waitt shifted focus to philanthropy, founding and chairing the Waitt Foundation and Waitt Institute, organizations dedicated to ocean conservation, blue prosperity, and other causes. Married to Joan with four children, he has been involved in local events in Sioux City, such as speaking at Entrepalooza.