Remember when major corporations participated in the woke virtue-signaling when all that rioting and protesting was going on last year? Many of these organizations made overtures to Black Lives Matter and other hard leftist leaders — and even went so far as to promise to donate generous sums of money to the cause of safeguarding black lives in response to the murder of George Floyd and the demonstrations that followed.
But, according to a recent report, most of these companies may have had their fingers crossed when they made these promises.
Fortune Magazine published a piece revealing the fact that, despite pledging to donate $50 billion towards promoting racial equity, very little of this money has materialized.
American companies pledged $50 billion toward racial equity following Floyd’s murder, according to a study by Creative Investment Research. Since then, only $250 million has actually been spent or committed to a specific initiative, according to an analysis by the consulting firm.
The Fortune article said The Financial Times explained that the $50 billion was ostensibly supposed to go to civil rights organizations and other causes designed to foster more opportunities for black Americans. Among these companies are Target, Apple, and Facebook.
Apple was one of the few organizations to start fulfilling its promise so far. “One of the largest donations came from Apple, which pledged $100 million to a Racial Equity and Justice Initiative last June. In January, the company announced that as part of the first round of its multimillion-dollar commitment it was donating $25 million to Propel Center, a learning hub for historically Black colleges and universities,” according to Fortune.
The report added: “Other companies, such as Target, have spread their investments out over a number of years. The Minneapolis-based retailer pledged in April to spend $2 billion with black-owned businesses by the end of 2025.”
Of course, this does not necessarily mean that none of the other companies will be keeping their promises. But according to the report, less than one percent of the money that was promised has actually been spent or committed. It raises a question: If it’s taken them this long to raise this small percentage of the total that was pledged, how much longer will it take for the total number to arrive?
Based on this development, it wouldn’t be too cynical to assume that most of these companies are not going to live up to their commitment — despite using the protests to signal their corporate virtue. Not exactly surprising, is it?
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