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Data: Fortune 500, Axios analysis of company statements, get the data; Chart: Andrew Witherspoon, Naema Ahmed/Axios

Big businesses continue to push funding toward fighting inequality and racism, with the 100 largest U.S. companies' monetary commitments rising to $3.33 billion since the death of George Floyd at the hands of Minneapolis police earlier this year, according to an Axios analysis.

Why it matters: The continued pace of funding commitments shows that months after Floyd's death there remains pressure for the wealthiest corporations to put their money behind social issues and efforts.

  • Even without including donations made by firms outside the Fortune 100, the total through Sunday was the largest outpouring of investment of its kind, though it accounts for just 0.6% of the 100 companies' collective 2019 profits.

Driving the news: The jump from $2.05 billion in mid-June to $3.3 billion is thanks largely to a new commitment of $1.15 billion from Citigroup that will span multiple years.

  • It includes $550 million to support homeownership and affordable housing and $100 million in grants to "support community change agents addressing racial equity."
  • “Addressing racism and closing the racial wealth gap is the most critical challenge we face in creating a fair and inclusive society and we know that more of the same won’t do,” Citi CEO Michael Corbat said in a statement announcing the funding.

IBM announced it was donating $100 million in assets, including "university guests lectures, curriculum content, digital badges, software and faculty training" to select Black colleges by the end of 2020.

  • Since June, companies ranging from Costco ($25 million) to Phillips66 ($55,000) have announced new pledges or partnership with groups like the National Society of Black Engineers, the NAACP, the National Urban League and the National Center for Civil and Human Rights.

Yes, but: The commitments are pennies on the dollar of the collective $569 billion in profits the 100 companies made last year, and many lack details about how the money will be used to make a difference.

By the numbers: The lion's share of money pledged comes from a few companies, with $2.55 billion of the $3.33 billion total coming from three companies, and the top 10 companies pledging $3.08 billion.

  • Two companies — both banks — have pledged more than $1 billion each to help close the racial wealth gap and provide support to Black and other minority communities.
  • The top 10 companies committed to an average of 1.62% of their 2019 profits.
  • The other 48 companies have committed 0.07% of their 2019 profits.

Editor’s note: The chart and story were corrected to include Prudential Financial’s $1.25m pledge from June 19, 2020.

Go deeper

Updated Dec 22, 2020 - Axios Events

Watch: America's housing inequities

Axios' Sara Kehaulani Goo, Aja Whitaker-Moore, and Russell Contreras hosted a conversation on America's housing inequities as part of our series dedicated to covering the impact of race in America. This conversation featured former Secretary of Housing and Urban Development Julián Castro, Habitat for Humanity International CEO Jonathan Reckford, and National Fair Housing Alliance president Lisa Rice.

Jonathan Reckford unpacked how structural racism has shaped the realities of housing today and the goal of creating accessible communities.

  • On the legacy of segregated housing policies following World War II: "Black families were denied access to growing communities and then denied access to financing, which meant they largely missed out on that wealth-building boom for so many middle-class families that allowed them to create an intergenerational asset through the housing."

Julián Castro highlighted how homeownership disparity is a fundamental part of the wealth gap between white people and people of color in America.

  • Why owning a home is a racial equity issue: "Homeownership is so important because, for most Americans, that makes up the bulk of their wealth. And that's especially true for Black Americans and people of color."
  • On meeting the needs of renters as well as homeowners: "We know that we have a rental affordability crisis that also intimately impacts communities of color around this country. We need to do both of these things to ensure that there's a path to homeownership and then also address the very real challenges of skyrocketing rents."

Lisa Rice discussed the impact of the pandemic on housing equity and critical issues for the next presidential administration to address.

  • On the importance of enforcing housing laws that already exist: "We've never really had wide-scale comprehensive enforcement of our nation's fair housing laws. And unfortunately, over the past three and a half years, what we have seen from the White House and the administration is a consistent rollback and evisceration of fair housing and fair lending protections."
  • On how artificial intelligence could amplify racial discrimination in housing: "[AI] mirrors and reflects the bias that is existence already in our marketplace. And sometimes they actually amplify the bias that is replete throughout the market."

Axios' Chief People Officer Dominique Taylor hosted a View from the Top segment with Capital One Head of Community Finance Desiree Francis, unpacking how disparities made worse by COVID-19 build on past economic crises.

  • On the legacy of the 2008 economic crash: "Communities of color haven't recovered from the Great Recession. High levels of foreclosure equated to loss in housing value...These same communities are overrepresented in low-income jobs that have been greatly impacted by COVID-19."

Thank you Capital One for sponsoring this event.

Dec 23, 2020 - Economy & Business

Communication tech companies are booming

Data: Yahoo Finance; Chart: Axios Visuals

Software firms that help other companies communicate are booming this year thanks to pandemic-driven remote-work.

Why it matters: Even when a vaccine is rolled out and lockdown provisions are lifted, most companies will likely maintain at least some work-from-home flexibility, which will bode well for software firms like Zoom, DocuSign, Twilio, Microsoft, Slack and others.

Jun 29, 2020 - Technology

Facebook boycott battle goes global

Photo Illustration: Sarah Grillo/Axios. Photo by Jamie Squire/Getty Images

The Madison Avenue boycott against Facebook has quickly grown into a worldwide movement against the content moderation policies of social media giants.

Why it matters: The initial Facebook boycott among advertisers, prompted by Facebook's refusal to fact-check a post by President Trump, has hit a nerve amongst people outside of the marketing community, who think boycotting social media advertising altogether could help to create a healthier internet.