Softbank announced a $100 million Opportunity Fund that will invest only in companies led by people of color. It's one of the first large funds created in response to nationwide protests sparked by the killing of George Floyd, an unarmed black man.
SoftBank created a $100 million Opportunity Fund that will invest only in companies led by people of color.
It's one of the first large funds created in response to nationwide protests sparked by the killing of George Floyd, an unarmed black man. SoftBank Group International CEO Marcelo Claure told CNBC'son Wednesday that the company put it together in the past 24 hours after speaking to SoftBank founder Masayoshi Son.
"The whole thing is to do something about it. I see a lot of people have good intentions, but I think each one of us needs to contribute to make change in America," he added. SoftBank will not take a traditional management fee, the company said in a statement. Half of its gains will be reinvested into subsequent Growth Opportunity Funds.The company will also donate a portion of its gains to organizations that create opportunities for people of color.
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