Several reports have confirmed that Black Lives Matter’s investment accounts lost over $10 million in value, forcing them to report a significant loss. BLM, a nonprofit organization, had a 88% drop in public donations and experienced an $11.75 million decrease in net assets.
The nonprofit’s latest Form 990 shows that a loss of just over $961,000 was logged on a securities sale of $172,000. The disclosures suggest a year of missteps for the foundation and a dramatic drop in donations.
In 2021, Patrisse Cullors resigned as executive director due to allegations that she and her team were pocketing donations. Now, the organization’s executive board is headed by Cicely Gay, a philanthropic strategist who has filed for bankruptcy seven times since 2005.
The Black Lives Matter Global Network Foundation (BLMGNF) was started by organizers of the Black Lives Matter movement, which first emerged in 2013 following the acquittal of George Zimmerman in the killing of 17-year-old Trayvon Martin.