Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: Fortune 500, Axios analysis of company statements, get the data; Correction note: A previous version of this graphic did not include Northrop Grumman’s $2 million and Progressive’s $1 million pledges; Chart: Andrew Witherspoon/Axios

The 100 largest U.S. companies have so far committed $1.63 billion to organizations fighting racism and inequality, according to company announcements and an Axios analysis.

What's happening: Since protests began over the death of George Floyd at the hands of Minneapolis police officers, companies have released statements of support for black communities and pledged donations to organizations like the NAACP, National Urban League, Equal Justice Initiative, and the National Center for Civil and Human Rights.

  • The response so far is a significant departure from years past when many large companies preferred not to talk about the killings or the role of racism in the United States.

Why it matters: Even without including donations made by firms outside the Forbes 100, the total through Sunday was the largest single outpouring of giving and investment of its kind, though it accounts for just 0.20% of the 100 companies' collective 2019 profits.

  • The "impressive" total is "a down payment on moving forward," Andre Perry, a fellow at the Brookings Institution, tells Axios.
  • But it falls short of the amount needed to produce real systemic change, and does not measure up to the benefits reaped by many white-owned companies from racist policies such as slavery, redlining and segregation, he says.

The big picture: "I appreciate corporations giving dollars, but we need to have a set metric that says here’s what we should be aiming for in terms of correcting for the policy violence of the past," says Perry, author of "Know Your Price: Valuing Black Lives and Property in America’s Black Cities."

  • "We’re not going to get to true recovery through pity and feeling sorry for folks. Black people were systematically stripped of resources and we’ve got to restore that value."

By the numbers: So far, 44 of the Fortune 100 companies have announced monetary contributions.

  • Just 10 companies make up 90% of the total commitment amount — the largest being Bank of America's four-year $1 billion pledge.
  • Excluding the 10 largest, announced donations totaled an average 0.02% of companies' 2019 profits.
  • The smallest was a $200,000 contribution from food processing giant Archer Daniels Midland, which earned $1.38 billion in profits last year.

Yes, but: Not included are significant contributions from companies like SoftBank, which pledged to create a $100 million investment fund devoted exclusively to companies helmed by people of color, and individuals like Box CEO Aaron Levie, who reportedly offered $500,000 of his own money.

  • The total also does not account for the increase in disbursements from charitable groups including the Ford Foundation or organizations like the NFL, which announced a $250 million program.

What's next: "What I have not seen is the strategy behind the giving," Perry says. "Giving in these times is a good gesture. However, giving without strategy can miss an opportunity to really uplift black communities."

Go deeper: Cities declare racism a public health crisis

Editor’s note: This piece was corrected to reflect that 44 (not 42) companies announced contributions by June 14 and that the NFL is not a nonprofit entity.

Go deeper

Dion Rabouin, author of Markets
Aug 14, 2020 - Economy & Business

How small businesses got stiffed by the coronavirus pandemic

Illustration: Aïda Amer/Axios

The story of American businesses in the coronavirus pandemic is a tale of two markets — one made up of tech firms and online retailers as winners awash in capital, and another of brick-and-mortar mom-and-pop shops that is collapsing.

Why it matters: The coronavirus pandemic has created an environment where losing industries like traditional retail and hospitality as well as a sizable portion of firms owned by women, immigrants and people of color are wiped out and may be gone for good.

How extreme weather feeds inflation

Illustration: Annelise Capossela/Axios

This summer's extreme weather is having ripple effects that could raise food prices in the U.S. and disrupt diets around the world.

Why it matters: Climate scientists and food supply experts, like those at the Food and Agriculture Organization (FAO) in Rome, have long warned about the impact of human-caused global warming on prices, food shortages and hunger.

EA Sports is in expansion mode

EA Sports general manager Daryl Holt (left). Photo illustration: Annelise Capossela/Axios. Photos: EA Sports

The biggest player in sports video games has plans to get even bigger — on mobile, in football, maybe even with basketball again — EA Sports general manager Daryl Holt said in an exclusive interview with Axios.

Why it matters: Sports gaming doesn’t get much press, but it’s a surging market with increased competition and lots of players up for grabs.