The Black Lives Matter (BLM) movement is on the verge of going bankrupt. The Black Lives Matter Global Network Foundation (BLMGN), the organization behind the movement, closed its last fiscal year with a deficit of up to $8.5 million. This comes after the collapse of several financial institutions, such as Silicon Valley Bank, which financed BLM and other similar groups.
According to an analysis provided by the Washington Free Beacon, the organization was only able to raise $9.3 million throughout the 2022 fiscal year. This is 88% less compared to 2021 and much less than the $80 million it received in 2020, after George Floyd's death.
BLM raised $90 million just in 2020 and tens of millions since then
Now the organization is on the verge of declaring bankruptcy
Where did all the money go?
— End Wokeness (@EndWokeness) May 24, 2023
Disastrous management
The financial situation is not only linked to donations. The organization's accounts also show losses of almost $1 million after paying for security. After the huge injection of funds in 2020, the non-profit organization decided to invest in various assets to distribute the funds.
Between 2020 and 2021, the organization acquired up to a dozen properties across the country, including in Canada through its subsidiary. This caused quite a stir and people started questioning how they used their funds. It was later revealed that the leader and head of BLMGN, Patrisse Cullors, purchased a mansion in Los Angeles worth $6.2 million.
Despite the organization’s claims that none of the properties were acquired for personal use, several local branches publicly called out national officials for misusing the funds. According to reports from 2022, BLMGN hired Patrisse Cullors' brother, Paul Cullors, to provide professional security services. However, Paul Cullors, known for his work as a graffiti artist, had never worked in security before.
Million-dollar contracts to family members
After being awarded a contract worth $840,993, the Washington Free Beacon revealed that Paul Cullors purchased a home in Los Angeles worth $637,000. BLMGN board member Shalomyah Bowers' consulting firm closed contracts with the organization worth more than $2 million.
Since these cases of alleged embezzlement were reported, the foundation's management has been particularly critical of the media outlets that reported the information, claiming to be victims of persecution. The Internal Revenue Service (IRS) received the same treatment. In 2020, BLM officials claimed that "This (IRS filing) doesn't seem safe for us. (...) This is, like, deeply unsafe. This is literally being weaponized against us, against the people we work with."
