Netflix is looking to tackle systemic racism by shifting some of its cash holdings to financial institutions that support Black communities in the U.S.
solidarity with nationwide protests over the death of George Floyd by sharing on its social accounts the "duty to our Black members, employees, creators and talent to speak up."
"Moving some of Netflix’s cash deposits into Black-focused institutions and organizations in the U.S. can put more capital to work for the people and businesses in these communities and narrow the gap," Neumann argued. "Black banks have been fighting to better their communities for decades but they’re disadvantaged by their lack of access to capital," the blog stated. Behind its $100 million commitment, Netflix will put $25 million in a newly established fund called the Black Economic Development Initiative to invest into Black financial institutions serving low and moderate-income communities and Black community development corporations in the U.S.
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