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Netflix announced Tuesday it will start putting 2% of its cash holdings into financial institutions and organizations to “directly support Black communities in the U.S.”
The video streaming giant said in a blog post that its initial commitment will be as much as $100 million.
The article goes on to state the following:
In the first step in allocating that money, $25 million will be moved to a new fund called the Black Economic Development Initiative, investing in “Black financial institutions serving low and moderate-income communities and Black community development corporations in the U.S.,” the company said.
— CNBC (@CNBC) June 30, 2020
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