Facebook commits support for blackowned firms
Facebook is committing $200 million to support blackowned businesses, nonprofits and creative artists in response to the George Floyd protests and the broader movement seeking racial justice they inspired.
The Menlo Park social media giant is distributing $75 million in cash grants and ad credits to businesses and supporting black artists and other creative workers with $25 million, chief operating officer Sheryl Sandberg wrote in a blog post.
Facebook will spend at least $100 million to hire blackowned suppliers, such as construction companies and marketing firms, as part of a planned $1 billion annual budget to work with diverse vendors.
“The past few weeks have compelled us to confront the reality of violence and injustice which members of the Black community face on a daily basis,” she wrote. “Achieving racial justice and equity is a goal all of us share — and a goal that will take real work to achieve. This is just the start of how we plan to help in this fight.”
Floyd, a black man, was killed by a Minneapolis police officer, who kneeled on Floyd’s neck for nearly nine minutes on May 25. His death sparked global protests.
Facebook faced backlash from employees during the protests after leaving up posts from President Trump threatening violence against the demonstrators, which led to a virtual walkout at the company. The inaction against Trump appeared to violate Facebook’s stated policy on the handling of posts making threats of violence.
Facebook’s commitment came a day after Google pledged $175 million to support black businesses, startup founders and developers.
The tech industry has long been criticized for its lack of diversity. Only 3.8% of Facebook’s employees are black, including only 3.1% of its senior leadership, according to an internal diversity report issued last year. Facebook’s goal is having 50% of its workforce from underrepresented communities by the end of 2023 and is seeking 30% more people of color in leadership positions.
Facebook is also offering free digital skills training with the goal of reaching 1 million black students and giving 100,000 scholarships to black students in digital training programs.
On Juneteenth, the June 19 commemoration of the day in 1865 that slavery ended in Texas, Facebook is donating a total of $5 million to the more than 250,000 Facebook fundraisers set up by users for the Equal Justice Initiative, Thurgood Marshall College Fund and the Innocence Project.