Netflix to invest $100M in Black-led banks
WASHINGTON (TND) Following through on the company's pledge to help close the equity gap, Netflix will invest $100 million into Black-led financial institutions.
Netflix announced Wednesday that the streaming giant will be shifting 2% of its cash holdings, or $100 million, into six banks that serve Black communities.
"Were excited to announce that Netflix has fulfilled its pledge to move two percent of our cash holdings around $100 million into Black banks and other Black-led financial institutions in the US," Netflix Director of Human Resources Aaron Mitchell and Netflix Treasurer Shannon Alwyn said in a post. "More capital moving into these institutions means more home and small-business loans, resulting in more opportunities for Black communities. So we will be 'topping up' our commitment at the end of the year and moving more cash over and above the $100 million already committed into these institutions."
In its blog post, Netflix detailed that the $100 million will be distributed to financial institutions:
https://krcgtv.com/news/nation-world/netflix-to-invest-100m-in-black-led-banks