Illustration by Alex Castro / The Verge
Netflix is pledging 2 percent of its cash holdings to provide “economic opportunity for Black communities.” The company plans to initially commit up to $100 million, but the quantity could grow alongside its cash holdings over time.
The streaming behemoth announced the first $35 million of that money would be allocated into two areas: $25 million will be used to establish the “Black Economic Development Initiative,” a fund that will invest in Black financial institutions and aid Black community development corporations. The other $10 million will be administered to Hope Credit Union to help provide new economic opportunities to underprivileged communities in the Deep South. Netflix has yet to detail how it will disburse the other $65…tech, The Verge