Earlier this month, Mark Zuckerberg said Facebook would give $10 million to groups working on racial justice. Since then, Apple has pledged $100 million to foster racial equity, Google said it will contribute $175 million and YouTube has committed $100 million. Not to be outdone, Facebook announced today that it will now spend $200 million to support Black-owned businesses and organizations.
Of the $200 million fund, $25 million will go to Black content creators, and $75 million in cash grants and ad credits will go to Black-owned businesses and nonprofits that serve the Black community, Facebook explained. The remaining $100 million (an annual commitment) will be spent with Black-owned suppliers. That’s part of Facebook’s larger goal to spend at least $1 billion with diverse suppliers next year and every year after.