Millionaires and billionaires are putting their money where their mouths are during these most difficult of times.
It started with the murder of George Floyd by a then-Minneapolis police officer back in May and has continued throughout the trying year. Although, for the African-American community in the United States, this is nothing new. Rather, it’s simply that those in positions of power are finally starting to take note.
The Brooklyn Nets’ owners, Joe and Clara Wu Tsai, are the latest to step to the plate in a big way.
Nets pledge $50 million to support economic mobility in the black community
“After George Floyd’s death, we felt like we needed to take a firm stand on racial injustice,” Clara Wu Tsai said, via CNBC. “I wanted to state our beliefs on this issue — that racism is pervasive and needs to be addressed, and I wanted to lay out core principles that clarified our purpose as an organization.”
Clara Wu Tsai’s foray into community action is nothing new. The Harvard grad had in the past donated millions of dollars to social causes and is the founding partner of REFORM Alliance, co-founded by hip-hop stars Jay Z and Meek Mill.
A native of Hong Kong, Joe Tsai is worth an estimated $13.4 billion. With his wife, the billionaire is among the latest from Asia to take an interest in North American professional sports. The power couple are obviously doing their part to help those most impacted by the current economic downturn related to the COVID-19 pandemic.
Although, Tsai’s pledge of $50 million over the next decade is also coupled with his belief that the Nets’ arena should continue to be used for non-violent protests in Brooklyn. It’s something we’ve seen a lot in the past.
This $50 million pledge comes after the NBA as a whole pledged through its 30 teams to donate $30 million annually over the next decade.
“You have to admit that racism exists, and you have to understand that there are systemic imbalances in society that cause racism and cause lack of economic mobility and lack of wage trajectory.” Wu Tsai said.
Well put.