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.
"We’re 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
