Topline
Some of the world’s most influential business leaders and corporations on Monday launched an ambitious philanthropic initiative aimed at supporting Asian-Americans and Pacific Islanders as they tackle mounting attacks and harassment.
Billionaire Joseph "Joe" Tsai, co-vice chairman of Alibaba Group Holding Ltd., center, speaks with ... [+]
Key Facts
The Asian American Foundation—described by organizers as the largest-ever philanthropic effort to support the AAPI community—is launching with $250 million and a plan to set up a national infrastructure to support a community whose struggles have risen to the fore over the past year.
Half of that sum comes from the foundation’s board, which includes Li Lu, the founder of Himalaya Capital, as well billionaires Jerry Yang, the co-founder of Yahoo, and Joseph Tsai, the co-founder of Alibaba Group.
The other $125 million was pledged by companies such as Coca-Cola, Walmart, Citigroup, Bank of America, the Ford Foundation, Amazon, UBS and the National Basketball Association.
The corporate leaders will invest in the AAPI community through three key areas—anti-hate programs, education, and data and research—with hopes of improving understanding and representation of the community.
Key Background
This initiative follows a surge in anti-Asian hate. It is also geared toward tackling a historic lack of philanthropy toward this community. Despite Asian Americans making up about 6% of the U.S. population, AAPI community organizations receive less than 0.5% of charitable foundation giving. This collective corporate effort is reminiscent of aid from major companies to the Black community after a series of police killings galvanized a national racial justice movement last year.
What To Watch For
An online launch event for the foundation on Tuesday will feature appearances from former presidents Barack Obama, George W. Bush and Bill Clinton.
