Netflix is pledging 2 percent of its cash holdings, initially up to $100 million, to provide economic opportunity for the black community. The streaming giant, which has a market capitalization of just over $200 billion, referenced the longtime racial wealth gap in the U.S. in its Tuesday announcement. The tech company will put $25 million into a newly established "Black Economic Development Fund," which will invest in black financial institutions and black economic development corporations. YOUTUBE BANS DAVID DUKE, RICHARD SPENCER AND OTHERS FOR HATE SPEECHAnother $10 million will go to Hope Credit Union to provide economic opportunities for underprivileged communities in the Deep South. "Stories like Ava DuVernay’s '13TH' and Explained’s 'Racial Wealth Gap' show how systemic racism in America has sustained a centuries-long financial gap between Black and White families," they explained in the blog post.

Source: Fox News June 30, 2020 19:30 UTC