Netflix announced today it is shifting $100 million of its cash to financial institutions that serve the Black community to draw attention to the racial wealth gap in America.
Going forward, Netflix is going to allocate two percent of our cash holdings – initially up to $100 million – into financial institutions and organizations that directly support Black communities in the U.S.
Black banks have been fighting to better their communities for decades but they’re disadvantaged by their lack of access to capital.
For example, if every company in the S&P 500 allocated a modest amount of their cash holdings into efforts like the Black Economic Development Initiative, each one percent of their cash would represent $20-$30 billion of new capital.
If major U.S. companies invest 2% of profits in left-behind communities, we can close the racial wealth gap in 10 years.”
