The organization known as Black Lives Matter (BLM), which presided over an unprecedented level of riotous damage across America in 2020, now risks going bankrupt after its Marxist founders plundered the group for their personal enrichment.
The Washington Free Beacon reports:
Black Lives Matter Global Network Foundation ran an $8.5 million deficit and saw the value of its investment accounts plummet by nearly $10 million in the most recent tax year, financial disclosures show. The group logged a $961,000 loss on a securities sale of $172,000, suggesting the charity weathered a staggering 85 percent loss on the transaction. These troubles didn’t stop BLM from doling out seven-figure contracts to friends and family of its former executive director Patrisse Cullors, who once said charity financial disclosures were “triggering” and “deeply unsafe.”
The group has blown through two-thirds of the $90 million it raised in the wake of George Floyd’s death in the summer of 2020.
BLM spent about $12 million of those funds on luxury homes in Los Angeles and Toronto. That profligacy did not abate in the 2022 fiscal year, when the charity dropped more than $10.5 million on contractors, much of which went to companies linked to Cullors’s friends and family.
In recent months, the idea of reparations has become mainstream amongst far-left Democrats who first backed BLM. The vice chairman California’s “reparations task force” demanded an $800 billion “sin bill” for slavery. It is unclear how much of that money would be spent on waterfront properties for Marxist leaders.