Silicon Valley Bank & Black Lives Matter: Unpacking the $73 Million Donation Claim
Reports that Silicon Valley Bank donated more than $70 million to Black Lives Matter and related causes have been widely circulating. But what's the real story behind this figure? This article delves into the claims, separating fact from fiction regarding SVB's donations.
The assertion: Failed Silicon Valley Bank Gave Black Lives Matter over $73 Million has gained traction online. Claims are circulating online that Silicon Valley Bank (SVB) donated more than $73 million to the Black Lives Matter nonprofit organization. The narrative suggests that Silicon Valley Bank donated over $73 million to the BLM Movement & Related Causes in the years before going insolvent.
Where did this number come from? A database created by the Claremont Institute revealed that SVB either donated or pledged to donate almost $74 million to organizations affiliated with the Black Lives matter.
However, it's crucial to understand the nuance. This $73 million+ figure, as pointed out by a conservative think tank, encompasses not just direct donations to the Black Lives Matter Global Network Foundation, but also includes donations and pledges to a broader range of causes related to social justice and racial equity. Silicon Valley Bank donated or pledged to donate more than $70 million to causes related to the Black Lives Matter movement.
Jesse Watters asserted on Fox News that Silicon Valley Bank (SVB) donated $74 million to Black Lives Matter, implying a direct link to the organization's failures. That was why, Watters claimed.
While Silicon Valley Bank, which collapsed on Friday after a classic bank run, donated more than $73 million to groups related to the Black Lives Matter movement, online the claim that the entire sum went directly to the Black Lives Matter Global Network Foundation is inaccurate. The $73 million encompasses a range of social justice initiatives.
Furthermore, it's important to note that while New York-based Signature Bank donated a total of to similar causes, SVB's focus on social impact was evident in its philanthropic activities leading up to its collapse.
Silicon Valley Bank, which was closed by federal regulators last week, donated just over $73 million to Black Lives Matter-related social justice movements before it. While the exact allocation of funds remains a subject of scrutiny, it's clear that SVB supported a variety of organizations working towards racial justice and equity, making the claim that all $73 million went directly to Black Lives Matter a misrepresentation.