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Aaron Mitchell

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Netflix Trumps $100M Pledge To Black-Owned Financial Institutions

Following the racial tensions stemming from the murder of George Floyd in May 2020, many companies shifted their gaze toward the voices and needs of Black communities. Netflix was one of them. As AfroTech previously told you, in June 2020, the streaming service pledged 2 percent of its cash holdings to funnel $100 million into Black-owned banks. The investment will honor its mission to provide direct aid to Black communities within the U.S. According to a study in 2019, the average white household acquired $188,200 in wealth, which is 7.8 times more than the average Black household. Equal distribution of capital is vital to spearhead the financial empowerment of Black communities.

Samantha Dorisca

Dec 2, 2021