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Facebook Announces $200 Million in Funding for Black-Owned Businesses Among Other Diversity Commitments

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Facebook has outlined how it plans to contribute to addressing racial inequality, announcing a range of new funding commitments, new measures to support black-owned businesses, and new internal staffing and education drives to improve both representation and understanding.

First off, as announced by Facebook COO Sheryl Sandberg:

“Building on earlier investments, we’re committing an additional $200 million to support Black-owned businesses and organizations. This commitment is part of a broader $1.1 billion investment in Black and diverse suppliers and communities in the US.”

Sandberg notes that a significant proportion of the business which had applied for funding as part of Facebook’s $100 million COVID-19 grant program were black-owned, which highlights the need for support in this area. 

In addition to this, Sandberg has outlined a range of additional funding and support measures:

  • We’re investing $100 million this year in Black-owned small businesses, Black creators, and nonprofits that serve the Black community in the US. This includes $25 million in support of Black content creators and $75 million in grants of cash and ad credits to support Black-owned businesses and nonprofits that serve the Black community.
  • We’re setting a goal to spend at least $1 billion with diverse suppliers next year and every year thereafter. As part of this, we’ll spend at least $100 million annually with Black-owned suppliers, from facilities to construction to marketing agencies and more.
  • Over the next three years, we’ll reach 1 million members of the Black community and 1 million members of the Latinx community in the US through a program called Elevate that provides free training in the digital skills they need to succeed, from setting up an online presence to creating marketing materials and more. 
  • We’re giving 100,000 scholarships to Black students working toward digital skills certifications through our Facebook Blueprint program. 
  • To support people raising money for causes they care about on Juneteenth, we’ll donate $5 million ($19 each) to over 250,000 Facebook Fundraisers created for three racial justice organizations: Equal Justice Initiative, Thurgood Marshall College Fund and the Innocence Project.
Facebook fundraisers

In addition to these measures, Facebook’s also creating a new platform within its main app called ‘Lift Black Voices’ which will highlight stories from black communities and creators, share educational resources, and seek to inspire people to take action through fundraising for racial justice causes.

Lift Black Voices

Instagram is also highlighting the work of black creators via the #ShareBlackStories hashtag.

These additional measures will provide assistance, but as Facebook CEO Mark Zuckerberg notes:

While financial investments help, I know it’s not enough to address the systemic inequalities that the Black community has faced for generations. We can’t build products to serve the world without a diverse and inclusive workforce.”

Addressing this, Facebook has also announced that:

  • 50% of its global workforce will be from underrepresented communities by the end of 2023, while it’s also working to double the number of Black and Latinx Facebook employees in the same timeframe
  • In the next five years, Facebook aims to employ 30% more people of color, and appoint 30% more black people to leadership positions. 
  • It will also re-examine its processes to ensure that diverse perspectives are included in the development of all products, policies and programs.  

The commitments are significant, and will contribute to addressing systemic bias within society. Many of these biases are difficult to pin down without committed analysis, so it’s good to see Facebook making definitive commitments to help improve representation, and education within the community.  

Socialmediatoday.com

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Fed-up accountant 'shocked and disappointed' after his Facebook account is taken down again

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Fed-up accountant 'shocked and disappointed' after his Facebook account is taken down again

A fed-up accountant has spoken of his “disappointment” after his Facebook page was taken down AGAIN. Last July, we told how Suleiman Krayem feared …

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Twitter Tests New Quick Boost Option for Tweets

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Twitter Tests New Quick Boost Option for Tweets

Here’s the difficult thing with Twitter no longer having a comms department – now, there’s nowhere to go to confirm info about the app’s latest updates and features, and where each is available, etc.

Case in point – this week, Twitter appears to have launched a new in-stream boost option for tweets, which provides a quick and easy way to promote your tweet without having to launch a full ad campaign.

As you can see in these screenshots, posted by Jonah Manzano (and shared by Matt Navarra), the new boost option would be available direct from a tweet. You’d simply tap through, select a budget, and you would be able to boost your tweet then and there.

Which seems to be new, but also seems familiar.

It’s sort of like Twitter’s Quick Promote option, but an even more streamlined version, with new visuals and a new UI for boosting a tweet direct from the details screen.

Tweet boost

So it does seem like a new addition – but again, with no one at Twitter to ask, it’s hard to confirm detail about the option.

But from what we can tell, this is a new Twitter ad process, which could provide another way to set an objective, a budget, and basic targeting parameters to reach a broader audience in the app.

Which could be good, depending on performance, and there may well be some tweets that you just want to quickly boost and push out to more people, without launching a full campaign.

It could also be a good way for Twitter to bring in a few more ad dollars, and it could be worth experimenting with to see what result you get, based on the simplified launch process.

If it’s available to you. We’d ask Twitter where this is being made available, but we can’t. So maybe you’ll see it in the app, maybe not.

Thus is the enigma of Twitter 2.0.



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Twitter faces lawsuit by advisory firm for $1.9 million in unpaid bills

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Twitter faces lawsuit by advisory firm for $1.9 million in unpaid bills

US-based advisory firm Innisfree M&A Incorporated sued Twitter on Friday in New York State Supreme Court, seeking about $1.9 million compensation for what it says are unpaid bills. Reuters File Photo

New York: US-based advisory firm Innisfree M&A Incorporated sued Twitter on Friday in New York State Supreme Court, seeking about $1.9 million compensation for what it says are unpaid bills after it advised the social media company on its acquisition by Elon Musk last year.

“As of December 23, 2022, Twitter remains in default of its obligations to Innisfree under the agreement in an amount of not less than $1,902,788.03,” the lawsuit said.

Twitter and a lawyer for Innisfree did not respond to queries.

Elon Musk in October closed the $44 billion deal announced in April that year and took over microblogging platform Twitter.

In January 2023, Britain’s Crown Estate, an independent commercial business that manages the property portfolio belonging to the monarchy, said that it had begun court proceedings against Twitter over alleged unpaid rent on its London headquarters.

Advertising spending on Twitter Inc dropped by 71% in December, data from an advertising research firm showed, as top advertisers slashed their spending on the social-media platform after Musk’s takeover.

The banks that had provided $13 billion in financing last year for the Tesla chief executive’s acquisition of Twitter abandoned plans to sell the debt to investors because of uncertainty around the social media company’s fortunes and losses, according to media reports.

Recently, Twitter made its first interest payment on a loan that banks provided to help finance Musk’s purchase of the social media company last year.

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