Black Lives Matter Faces Bankruptcy After Plunging $8.5M Into Debt in 2022
The national organization behind Black Lives Matter is facing bankruptcy after plummeting $8.5 million into debt last year, RadarOnline.com has learned.
In a concerning development to come almost four years after the BLM Global Network Foundation formally emerged in November 2020, the organization is now nearly $9 million in the red.
Even more concerning is evidence showing that BLM GNF still managed to hire and pay relatives of the foundation’s founder, Patrisse Cullors, lucrative seven-figure salaries despite the devastating financial woes faced in 2022.
According to financial disclosure documents first obtained the Washington Free Beacon this week, Patrisse’s brother Paul was paid a whopping $1.6 million last year to provide “professional security services” for BLM.
Paul Cullors also reportedly received an additional $126,000 salary as “head of security” for the foundation, as well as vague consulting fees, despite having no experience or background in the security services industry.
Meanwhile, in 2021, Patrisse came under fire when it was revealed the foundation paid the father of her child $970,000 to produce “live events” and other “creative services” for the BLM GNF.
Patrisse ultimately resigned from her position within the foundation in May 2021 amid allegations of corruption.
"While Patrisse Cullors was forced to resign due to charges of using BLM's funds for her personal use, it looks like she's still keeping it all in the family," Paul Kamenar, a lawyer for the National Legal and Policy Center watchdog group, said regarding the newly released financial disclosure documents.
The financial documents further revealed that donations to the BLM GNF dropped significantly between 2021 and 2022, with the foundation only receiving $9.3 million in donations in 2022 compared to the $77 million received in 2021.
The foundation’s investment accounts also reportedly plummeted in value by nearly $10 million last year, leaving BLM GNF struggling to climb out of debt.
As RadarOnline.com previously reported, the foundation’s seemingly imminent bankruptcy comes just two years after Patrisse resigned from BLM GNF.
Although she was accused of spending millions of dollars on properties while BLM struggled with their own finances, Patrisse called the allegations “absolutely false” and a “false narrative.”
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“The idea that [the foundation] received millions of dollars and then I hid those dollars in my bank account is absolutely false,” she said in a statement last year.
“That’s a false narrative,” she added. “It’s impacted me personally and professionally, that people would accuse me of stealing from Black people.”