Tags: Financial Markets | George Floyd Protests | Law Enforcement | Media Bias | Money | axios | social

58 Fortune 100 Companies Donate $3.3B to Social Causes

a raging inferno from a riot burns in the background as an american flag keeps flying
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By    |   Monday, 28 September 2020 04:47 PM

Fifty-eight of Fortune magazine's 100 largest companies have pledged $3.3 billion to social political causes linked to the death of a Black man who died in police custody in Minneapolis, two-thirds of the total coming from two companies: Citigroup and Bank of America, according to the website Axios.

Citigroup has pledged $1.15 billion and Bank of America another $1 billion "toward fighting inequality and racism," Axios said.

Half of Citigroup's pledge, about $550 million, will "support homeownership and affordable housing and $100 million in grants to 'support community change agents addressing racial equity.'"

"Addressing racism and closing the racial wealth gap is the most critical challenge we face in creating a fair and inclusive society and we know that more of the same won't do," Citi CEO Michael Corbat said in a statement.

Among the other companies pledging money were PepsiCo, $400 million, and Walmart, Apple, IBM, and Comcast $100 million each.

Axios, a 3-year-old website founded by former staffers of Politico, claims many of the pledges "lack details about how the money will be used to make a difference."

IBM's pledge includes "university guests lectures, curriculum content, digital badges, software and faculty training" to select historically Black colleges and universities by the end of the year.

While Axios listed seven companies by name that have made pledges, it listed 42 companies that have not made pledges or donations.

Axios claims the donations, which it calculated since George Floyd died in police custody on Memorial Day that set off protests and riots in many cities, shows "there remains pressure for the wealthiest corporations to put their money behind social issues and efforts."

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Fifty-eight of Fortune magazine's 100 largest companies have pledged $3.3 billion to social political causes linked to the death of a Black man who died in police custody in Minneapolis, according to the website Axios.
axios, social, injustice, liberal, activists, funding, riots, democrat-run cities
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2020-47-28
Monday, 28 September 2020 04:47 PM
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