Facebook commits $200 million to Black owned businesses

 

A letter from Facebook CEO Mark Zuckerberg

 

The last few weeks have made clear how much work is ahead to achieve racial justice and equity in this country. To help drive progress, Facebook is committing over $200 million to support Black businesses and organizations.

We’ve been speaking with Black business owners to understand how we can best support them, and in the short term, we’ve heard that financial support can go a long way, especially during a pandemic and economic downturn that have disproportionately impacted communities of color.

We’re building on our Covid-19 grant program and making an additional $100 million in cash and ad credits available to support Black-owned businesses, creators and non-profits serving Black communities in the US. To make sure we are supporting the community in our own business practices, we’re also committing to spend at least $100 million with Black-owned suppliers, part of a goal to spend $1 billion with diverse suppliers next year and every year thereafter.

While financial investments help, I know it’s not enough to address the systemic inequalities that the Black community has faced for generations. We can’t build products to serve the world without a diverse and inclusive workforce. We already have a goal for 50% of our workforce to be from underrepresented communities by the end of 2023, and we’re further committing to double the number of Black and Latinx employees in the same timeframe. Over the next five years, we’re committing to have 30% more people of color, including 30% more Black people, in leadership positions. We will also continue our ongoing efforts to increase the representation of women in leadership. And we’re continuing to work on our policies, products and decision-making processes as I outlined in my post last week.

Today is one more step on this journey. We’ll have more to come soon.

BRAVO!          Mark Zuckerberg  and Sheryl Sandberg

 


Follow us on Google news for more updates and News










PLEASE READ THE IMPORTANT DISCLOSURES BELOW.

This content is being provided to you for informational purposes only. The content has been prepared by third parties not affiliated with CWEB Inc, a business. This content and any information contained therein, does not constitute a recommendation by CWEB to buy, sell or hold any security, financial product or instrument referenced in the content. This information neither is, nor should be construed as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. CWEB Inc. does not offer or provide any opinion regarding the nature, potential, value, suitability or profitability of any particular investment or investment strategy, and you shall be fully responsible for any investment decisions you make, and such decisions will be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance, and liquidity needs.

Unless stated otherwise, the web content provided by the CWEB family of companies is for educational purposes only. The information and tools provided neither are, nor should be construed, as an offer, or a solicitation of an offer, to buy or sell securities by CWEB Inc. or its affiliates. Unless stated otherwise, no information presented constitutes a recommendation by CWEB Inc. or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy.

Full Disclaimer


>