Todd Spangler NY Digital EditorNetflix said it has invested $100 million so far into six Black-led financial institutions in the U.S., as part of the company’s pledge to allocate 2% of cash holdings into banks serving Black communities.In June 2020, amid racial-equality protests across America, Netflix announced plans to invest capital in Black banks to help address racial wealth inequality.
As of Sept. 30, 2021, the company reported $7.5 billion in cash and equivalents on its balance sheet (so 2% of that would be $150 million).
Because the streamer pegged its commitment to 2% of cash reserves, the investment is anticipated to grow over time: At the end of 2021, Netflix plans to top up the funding and put more cash into the financial.
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