Netflix to invest about $100 milllon to aid African-American communities
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Netflix Inc can allocate 2 percent, or about $100 million, of its cash holdings to financial institutions and businesses that directly support African American communities in america, the streaming giant said on Tuesday.
The business said in a blog page post it will start with $35 million, which $25 million will be moved to a fresh fund, "Black Economic Development Initiative", and $10 million will go to Hope Credit Union for creating opportunity in underserved communities.
The approach comes as US companies face increasing pressure from investors, consumers and personnel to do this against widespread racial inequality after the loss of life of African American George Floyd in police custody.
"This capital will gasoline social mobility and prosperity found in the low- and moderate-income communities these teams serve," Netflix said on Tuesday.
Earlier this month, CEO Reed Hastings donated $1 million to believe tank THE GUTS for Policing Equity, which promotes law enforcement transparency and accountability through its study.
Source: https://www.thejakartapost.com