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Netflix to Move Some Cash to Black-Owned Banks

By
Tom Dotan
· · Source: Bloomberg

Netflix is pledging to shift a portion of its cash to Black-owned banks. The video streaming service said it’s committing 2% of its cash to institutions owned by Black people and serve the community. The company has $5 billion in cash as of the end of March, so its total contribution would be $100 million. The move is good business for the banks, which make money from deposits. It reflects the...

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