As it turns out, SVB was a massive donor to Black Lives Matter and other social justice causes, to the tune of nearly $74 million dollars.
The group did pledge on their website to provide in total up to $11 billion dollars by 2026 for Diversity, Equity and Inclusion programs and racial justice causes.
SVB executives explained on their website the turbulent racial atmosphere following the George Floyd killing and protests prompted them to expand "Opportunities for dialogue," a calling that doesn't seem too have much concrete investment return, but ended up taking $74 million dollars out of bank coffers anyway.
Will Hild, the executive director of Consumers' Research, told The Federalist that SVB's failure on the heels of its left-wing activism "Is yet another indication that SVB was focused on woke virtue signaling instead of protecting their customers' deposits."
"The calls to end systemic racial and social inequities following the murder of George Floyd in May 2020 had a profound global impact. We responded by expanding opportunities for dialogue, including hosting over 40 small group"Conversation Circles" in which over two thirds of our employees participated in discussions about racial equity issues.
We provided opportunities for action, mobilizing our employees and clients to join in community service through Tech Gives Back, a week of volunteer events focused in part on racial equity, social justice and access to the innovation economy.
We also partnered with Act One Ventures to launch The Diversity Term Sheet Rider for Representation at the Cap Table initiative, which advocates for venture capital firms to include in all of their term sheets a pledge to bring members of underrepresented groups into deals as co-investors ... As part of our efforts in 2020, we launched our Missions Program, a software platform designed to engage employees to act in support of the causes they care about most such as voter education and racial justice and equity.
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