Netflix donates 2% cash to support the African American community with an initial investment of $100 million


Sina science and technology news on the evening of June 30, Beijing time, according to foreign media reports, Netflix, a streaming media video service provider, announced today that it would invest 2% of its cash in financial institutions and organizations to “directly support the black community in the United States.”.
Netflix said it would initially invest up to $100 million. First, 25 million of that will be allocated to a new fund called the black economic development initiative to invest in black financial institutions that “serve low – and middle-income communities,” as well as black community development companies in the United States.
In addition, another $10 million has been invested in the hope Credit Union to promote economic opportunities in underdeveloped communities in deep South America. “The hope Credit Union expects that over the next two years, Netflix’s money will fund more than 2500 entrepreneurs, home buyers and consumers of color,” Netflix said
About two weeks before Netflix announced the plan, CEO reed Hastings and his wife announced that they would donate $120 million to the United Negro College Fund and two black universities as scholarships for black students. Hastings said at the time that it was the couple’s biggest donation so far, hoping to help support racial justice. (Li Ming)