Japan’s SoftBank is the latest major company to respond to the protests over the death of George Floyd. The technology giant has launched a $100m (£80m) fund that will invest in companies led by “people of colour”. It comes as executives of firms including Twitter, Bank of America and General Motors have spoken out over racial inequality.
George Floyd’s death has sparked huge protests against racism and police brutality across the US and globally. Announcing the “Opportunity Growth Fund” on Twitter, SoftBank’s founder and chief executive Masayoshi Son wrote “Racism is a lamentable thing,” ending his post with “#BlackLivesMatter”.
In a letter to employees the company’s chief operating officer Marcelo Claure said the fund, which he will lead, aims to invest in entrepreneurs “from communities that face systemic disadvantages in building and scaling their businesses.” SoftBank also runs the $100bn Vision Fund which invests in startups around the world.
Meanwhile, Twitter’s Jack Dorsey has become the latest chief executive of a major US technology company to give financial support to an anti-racism organisation. On Tuesday Bank of America said it would donate $1bn over the next four years to community programmes and small businesses to help address economic and racial inequality.
In a media release chief executive Brian Moynihan said that “underlying economic and social disparities” had been made worse by the coronavirus pandemic and the “events of the past week have created a sense of true urgency”. Car making giants General Motors and Ford has also condemned racial inequality
In a letter to employees, dealers and suppliers, General Motors’ chief executive Mary Barra wrote that she was “impatient and disgusted” and emphasised the need to “individually and collectively” drive change.
Source: BBC
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