Following the murder of George Floyd, companies, organizations, and governments alike pledged “massive” donations to racial justice movements and NGO’s who are rightfully fighting for change.
Apple’s biggest contribution was the creation of the “Racial Equity and Jusititec Initiative” with a $100 million initial donation. In normal terms, that’s a lot of cash. But, in Apple’s term, its pocket change. A new report by The Verge highlights how much of the donations made by Big-Tech is literal pocket change.
Apple made $6.3 million every hour last year, meaning its whole $100 million donations to the initiative would be paid off within a day, in proportional terms, it represents just 0.18% of the companies $55.3 billion in profits made in 2019. In a staggering comparison, The Verge points that if someone with a median US salary of $63,179 donated 0.18% of their profit to an initiative, it would just be $24.
Apple isn’t the only one. Amazon committed $18.5 million, representing just 0.16% of its $11.6 billion in profit for 2019, Microsoft made the biggest donation with $209.5 billion. Surprisingly, however, int terms of comparison to a US median salary of $63,179, Facebook would have donated the most at $102.77.
In a more striking graph, visually looking at Apple and other Big-Tech’s donations to racial equity in terms of their annual profit is staggering.
Apple in 2019 could have repaid its entire contribution of $100 million in 15 hours and 51 minutes, while others like Dell would need 6 minutes, Amazon, 13 hours, and 59 minutes. Sony would take the longest needing 163 hour and 43 minutes to repay its $101 million contributions. While Apple is known to be a secretive company, in terms of its initiative, we know nothing about, as The Verge points out:
Some commitments were direct, like donations, but others were more opaque. Apple, for example, hasn’t spelled out exactly how its $100 million pledge will be distributed. That’s problematic because some of that money could be in the form of loans, equity financing, or simply funneling existing money toward different suppliers, which we didn’t want to compare to new money that’s actually being donated or spent toward the cause.The Verge
The whole report by The Verge goes into incredible detail about how little of these donations actually mean for multi-billion companies. At a time of such desperate need for real change in a broken justice system in the United States, it’s shameful that Apple, and others are doing so little, for such a grave issue.