Is Black Lives Matter (BLM) in danger of going bankrupt? That’s how it seems.
Black Lives Matter, a well-known social justice organization, is in financial trouble and is in danger of going out of business due to a massive deficit. According to the Washington Free Beacon, the company saw significant losses and a decline in investment in 2022.
The company had a difficult tax year with a $8.5 million loss and a $10 million decline in the value of its investment accounts. A $172,000 sale of stocks led to a massive 85% loss of $961,000, making it a very difficult year.
Unsettling information is coming out about how a company that is having serious financial difficulties is nevertheless giving out significant contracts to Patrisse Cullors’ friends and family. The organization’s financial problems are being made worse by this pattern of action, which may ultimately spell its demise.
After Trayvon Martin’s killer was found not guilty in 2013, BLM was founded, and it quickly rose to prominence as an important voice for social justice in the US. However, bad money management has prevented them from achieving their noble objectives.
The group is experiencing financial difficulties as a result of a number of failures, including a significant drop in contributions. The group only brought in $9.3 million during its fiscal year in 2022, an 88% decrease from the year before.
Due to regulatory and transparency difficulties, the group was forced to halt its online donations in February 2022.
The majority of the money that the charity raised was spent on opulent residences in Toronto and Los Angeles. A sizeable sum of money was also distributed to contractors connected to Cullors’ friends and family. Included in this is the $1.6 million paid to Paul, Cullors’ brother, and his security firm. Additionally, the company gave large consultancy fees to other partners and family members.
An attorney for a monitoring organization, Paul Kamenar, stated, “While Patrisse Cullors was forced to resign due to charges of using BLM’s funds for her personal use, it looks like she’s still keeping it all in the family.”
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The company is facing criticism from some who say that money is being wasted owing to poor administration. These charges are being looked investigated by the Internal Revenue Service as well as various state attorneys general.
Patrisse Cullors was forced to retire due to claims of financial mismanagement, and Shalomyah Bowers, her chosen replacement, is allegedly unable to make any progress. Last summer, the organization had a change in leadership, with consultant Cicely Gay taking over as chair of the board of directors.
Did you know that since 2005, Gay has declared bankruptcy three times? It is undoubtedly significant.
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