Netflix said it has fulfilled a pledge to move two percent of its cash holdings, around $100 million, into Black-led banks and financial institutions, a plan it first announced in late June of 2020, and announced how the funds have been distributed.The idea is that better capitalized institutions will mean more home and small-business loans and better opportunities for Black communities.
The program was implemented in a rush of social justice commitments from companies amid the national reckoning that followed the murder of George Floyd.Netflix’ 2% commitment is ongoing on an annual basis, meaning the investment grows over time. “So we will be topping up our commitment at the end of the year and moving more cash — over and above the $100
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