BUSINESS
Netflix to move $100 million in cash into Black community banks
BUSINESS

Netflix to move $100 million in cash into Black community banks

Published: June 30, 2020  |  2 min read, 351 words
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Illustration: Sarah Grillo/AxiosNetflix has pledged to allocate about 2% of the $5 billion it holds in cash — some $100 million — to "financial institutions and organizations that directly support Black communities in the United States," the company announced today.Why it matters: U.S. corporations are sitting on trillions of dollars of cash, which is earning them effectively no interest. Aaron Mitchell, a recruiter at Netflix, had the idea that some of that cash could be deposited at Black-owned banks, where it would be reinvested into Black communities.The catch: As part of this pledge,... READ MORE
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