American corporations that have pledged to support black communities over the past year have been lax in paying out, according to a new study.
A total of approximately $50 billion has been promised by a slew of companies, including Facebook, Target and Apple. And of this amount, only about $250 million has been spent or even earmarked, the Financial Times reported.
According to Fortune, other companies, such as Amazon, in addition to donating funds, have pledged to increase the number of people of color working for them as employees. Berkshire Hathaway, however, is bucking that trend. A shareholder proposal was voted down that would have made annual diversity reports mandatory in the company.
Target, which is headquartered in Minneapolis, Minnesota, the center of the George Floyd controversy, has decided to space out its investments, and has committed to spend a whopping $2 billion of that $50 billion over the next three-and-a-half years, mostly on black-owned business initiatives.
Apple has pledged $100 million of its own accord. In January, it announced that it was giving $25 million to a place called Propel Center, which helps fund black post-secondary educational institutions.