Netflix CEO Reed Hastings and his wife, Patty Quillin, are donating $120 million toward student scholarships at historically black colleges and universities.
The couple is giving $40 million to each of three institutions: the United Negro College Fund, Spelman College and Morehouse College. The organizations said it is the largest individual gift in support of student scholarships at HBCUs.
Hastings has a history of supporting educational causes, including charter schools. He launched a $100 million education fund in 2016, beginning with money toward college scholarships for black and Latino students.
Hastings said now is the time when "everyone needs to figure out" how to contribute to solving racism. He said HBCUs have been resilient "little-known gems" for black education.
Amid protests over police brutality that began three weeks ago, companies and business leaders have been pledging solidarity with their black employees and the black community. But tech companies — including Netflix — have fallen short in hiring, retaining and promoting underrepresented minorities within their own ranks.
Other tech industry donations in the wake of the Black Lives Matter protests have largely been on the company level. Last week, for instance, Apple CEO Tim Cook announced that the company will spend $100 million on a new Racial Equity and Justice Initiative, investing in education and criminal justice reform among other things. YouTube, meanwhile, pledged $100 million to help black artists and other creators.
Stocks fell in the opening session Tuesday as earnings reports continued to pour in and as investors brace for the Federal Reserve's interest-rate decision on Wednesday.
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A flow of recent data from the U.S. government has made one thing strikingly clear: A surge in consumer spending is fueling strong growth, demonstrating a resilience that has confounded economists, Federal Reserve officials and even the sour sentiments that Americans themselves have expressed in opinion polls.
The U.S. Food and Drug Administration is warning parents and caregivers not to buy or serve certain pureed fruit pouches marketed to toddlers and young children because the food might contain dangerous levels of lead.
Some pumpkin farmers in the West, particularly wholesalers in places like Colorado and New Mexico, are feeling the pinching effects of drought.
General Motors and the United Auto Workers union have reached a tentative contract agreement that could end a six-week-old strike against Detroit automakers, three people briefed on the deal said.
Apple's 8pm ET event Monday will revolve around its iMAC computer lineup of products which are expected to contain its new faster and three next-generation silicon chip.
McDonald's reported better-than-expected profit and sales in the third quarter.
Major stock indexes are slated to close lower this month as investors brace for the Federal Reserve's rate decision and ahead of new jobs data.
The Food and Drug Administration issued an alert and specifically mentioned 26 eye drop products from a number of brands.
