Illustration: Aida Amer/Axios

Facebook said on Thursday that the company has made an initial commitment of $130 million to fund a trust for its global content oversight board. The board was proposed in 2018 as an independent authority to help users appeal Facebook's content moderation decisions.

Yes, but: The company disclosed that it was behind on announcing its board members, of which it could appoint up to 40. Facebook was planning to announce them by year's end, but said, "we've decided to take additional time to consider the many candidates who continue to be put forward."

Details: In a blog post, Facebook estimated that the money should allow the board to operate for at least two full terms, or six years in total. It says the money will go toward office space, staff and travel expenses.

  • Facebook explained that it expects the board's staff to include "a director, case managers and dedicated staff members (or contracted services) who can support things such as the board’s communications, legal, human resources and research needs."
  • It also said the trust will have at least three individual trustees and a corporate trustee. The tech giant added it's currently conducting a search for the individual trustees, which will be announced next year.
  • The board will be required to submit an annual budget to the trust for approval and to receive funds.

The bottom line: Facebook is funding a trust that will have funding discretion over the board to ensure the board remains independent.

Go deeper:

Editor's note: This story has been corrected to note that the content oversight board was proposed in 2018 (not established).

Go deeper

BodyArmor takes aim at Gatorade's sports drink dominance

Illustration: Eniola Odetunde/Axios

BodyArmor is making noise in the sports drink market, announcing seven new athlete partnerships last week, including Christian McCaffrey, Sabrina Ionescu and Ronald Acuña Jr.

Why it matters: It wants to market itself as a worthy challenger to the throne that Gatorade has occupied for nearly six decades.

S&P 500's historic rebound leaves investors divided on future

Data: Money.net; Chart: Axios Visuals

The S&P 500 nearly closed at an all-time high on Wednesday and remains poised to go from peak to trough to peak in less than half a year.

By the numbers: Since hitting its low on March 23, the S&P has risen about 50%, with more than 40 of its members doubling, according to Bloomberg. The $12 trillion dollars of share value that vanished in late March has almost completely returned.

Newsrooms abandoned as pandemic drags on

Illustration: Sarah Grillo/Axios

Facing enormous financial pressure and uncertainty around reopenings, media companies are giving up on their years-long building leases for more permanent work-from-home structures. Others are letting employees work remotely for the foreseeable future.

Why it matters: Real estate is often the most expensive asset that media companies own. And for companies that don't own their space, it's often the biggest expense.