In the aftermath of George Floyd's murder, corporate America made significant pledges totaling nearly $50 billion to combat racial inequality. However, in recent years, major companies are retracting their commitments due to growing political backlash and legal challenges surrounding DEI (diversity, equity, and inclusion) initiatives. The pressure has escalated, particularly after former President Trump criticized these programs and signed executive orders meant to dismantle them. Experts suggest that many companies did not fully understand the implications of their pledges, leading to a decline in the authenticity of these efforts.
"We want to address systematic racism in society head-on and accelerate change," Walmart CEO Doug McMillon said in June 2020.
Trump has called DEI programs "radical and wasteful" and argued they are discriminatory against non-minorities.
Experts argue that many businesses failed to adequately consider the pledges or their costs from the beginning.
Corporate America's initial rush toward diversity commitments has increasingly soured under political and legal pressures.
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