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Sheryl Sandberg Announces $20M Facebook Donation for Women, Minority And Veteran-Owned Businesses

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Sheryl Sandberg Announces $20M Facebook Donation for Women, Minority And Veteran-Owned Businesses

Facebook Inc. (NASDAQ: FB) COO, Sheryl Sandberg, announced Facebook’s grant of $20 million to small businesses owned by women, minorities, and veterans in the United States.

What Happened

Appearing on CNBC’s “Mad Money” on Wednesday, Sandberg said the $20 million would come from the $100 million small business grant program that Facebook announced in March.

Of the total grant amount, $40 million is to be channeled to U.S. businesses, while half that amount will go to women, minorities, and veterans. The money will be disbursed “within a few weeks.”

Sandberg acknowledged, “We know when crises hit the most vulnerable get hit the hardest.”

Why It Matters

Sandberg’s announcement comes a day after Facebook launched Facebook Shops, a service that helps companies sell their products on both the social network and Instagram. 

According to Aaron Goldman, CMO of 4C, a global insights company, Facebook Shops is the “right play at the right time,” considering it extends to Facebook, Instagram, WhatsApp and Messenger “to the tune of 3 billion monthly users.”

Facebook has partnered with Shopify Inc. (NYSE: SHOP) to support small businesses on the Shops platform, through the use of commerce tools. 

Facebook Price Action

Facebook shares traded 0.80% higher at $231.80 in the after-hours session on Wednesday. The shares closed the regular session 6.04% higher at $229.97.

 

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Posted-In: CNBC Covid-19 Sheryl SandbergNews Financing Management Tech Media Best of Benzinga

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