With the announcement of the pledge, Disney said $2 million of the $5 million would be donated to the NAACP, while it’s unclear at the moment where the rest of the $3 million will be donated. Disney is also set to match employee donations to certain causes through its Disney Employee Matching Gifts program.
The donation comes as protests continue to swell in response to the recent killings of George Floyd, Breonna Taylor, Ahmaud Arbery and others. In a statement, Disney CEO Bob Chapek addressed Floyd’s death specifically, saying it “has forced our nation to once again confront the long history of injustice that black people in America have suffered and it is critical that we stand together, speak out and do everything in our power to ensure that acts of racism and violence are never tolerated.”
He continued, “This $5 million pledge will continue to support the efforts of non-profit organizations such as the NAACP that have worked tirelessly to ensure equality and justice.”
In the 2019 fiscal year, Disney made $69.57 billion in revenue. The company’s net worth, per GoBankingRates, is estimated to be around $130 billion. The $5 million donation is about 0.004% of that.
Other major entertainment companies and brands, especially those in the music industry, have also been donating to similar causes amid the ongoing protests. TikTok, for instance, pledged $3 million to nonprofits that offer aid to black communities (TikTok is valued at over $100 billion). And Warner Music Group pledged $100 million on the same day the company announced its initial public offering, which raised about $1.9 billion.