E ric Smidt is a self-made American billionaire who is the owner and CEO of Harbor Freight Tools, a major U.S. retailer of discount tools and equipment. He started the business with his father, Allan Smidt, in 1977 as a small mail-order tool company for liquidation and returned merchandise. Eric later took full control of the business and transformed it into a retail giant.

Under his leadership, Harbor Freight has grown into a massive chain with over 1,300 stores across the United States. The company's success is built on a simple model: sourcing tools directly from manufacturers and selling them at deeply discounted prices, which has created a loyal following among DIY enthusiasts and professional tradespeople. He has kept the company privately owned, and its massive growth has made him one of the wealthiest people in the retail industry. He is also a significant philanthropist, particularly in the Los Angeles area.