Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. For many founders in the beauty and lifestyle space, the measure of success isn’t just in sales but also in the value of an exit. Recently, Hailey Bieber’s beauty brand, Rhode, was acquired by e.l.f . for $1 billion. Founded in 2022, the beauty brand has reached its valuation quickly thanks to Bieber’s name recognition and viral social media campaigns. But while Bieber has been praised for selling her company, the majority of Black founders are accused of being sellouts by Black customers when they do. Over the past several years, Black-owned brands like The Honey Pot Company, Mielle Organics , and Briogeo Hair Care have been acquired by large conglomerates. For every acquisition, a large portion of their Black customers have complained or claimed that they would no longer buy from the brand because they view the acquisition as a form of selling out. Black founders are held to a different standard...

Byron Allen is selling local television stations owned by his Allen Media Group (AMG), with investment bank Moelis & Co. handling the deal. The portfolio consists of 28 stations affiliated with ABC, NBC, CBS, and Fox, operating in 21 U.S. markets, including Tupelo, MS ; Honolulu, HI; Flint, MI; and Tucson, AZ, according to The Hollywood Reporter. Allen said AMG began investing over $1 billion six years ago to build a portfolio of “big four” network-affiliated television stations. “We have received numerous inquiries and written offers for most of our television stations and now is the time to explore getting a return on this phenomenal investment,” Allen said, per THR. “We are going to use this opportunity to take a serious look at the offers, and the sale proceeds will be used to significantly reduce our debt.” As the media landscape continues to evolve, AMG has been navigating industry challenges and, over the past year, has implemented a series of measures to streamline...

Bill Gates intends on allocating the majority of his wealth to Africa. As AFROTECH™ previously mentioned, Microsoft founder Bill Gates plans to donate the majority of his wealth by 2045 — an estimated $200 billion. Despite this massive philanthropic effort, he is still expected to remain a billionaire and may even stay the fifth-richest person in the world, BBC reports. “People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them,” he wrote in a blog post, per BBC. Gates intends to distribute his wealth through his foundation. The original plan was for the foundation to continue operating beyond his lifetime; however, he now has faith in the next generation of wealthy individuals to carry on his efforts, believing they will be better positioned to do so. “At the end of 20 years, the foundation will sunset its operations,” the Gates Foundation said in a statement, per BBC. In the meantime, Gates will focus on using his wealth...

The NAACP is calling on Memphis, TN, officials to shut down Colossus, the controversial supercomputer facility operated by Elon Musk’s xAI, TechCrunch reports. Located in South Memphis, the facility, according to the outlet, is under fire for allegedly operating dozens of gas turbines without proper permits and releasing hazardous pollutants into surrounding communities. In a letter sent via email to the Shelby County Health Department (SCHD) and Memphis Light, Gas and Water (MLGW), on May 29, 2025, NAACP leaders demanded an emergency order halting operations. If a full shutdown isn’t possible, they urged city officials to at least cite the company for violating clean air standards. The case, now known as the NAACP Colossus complaint, is gaining national attention and posing more profound queries regarding the relationship between environmental justice and high-tech development in Black communities. Pollution In A Historically Black Neighborhood Boxtown, a historically Black...

A financial boost could be on the way for many Americans this summer, as the Internal Revenue Service (IRS) prepares to distribute tax refunds in June and July. For eligible taxpayers, IRS tax refunds close to $3,000 may be deposited into bank accounts or mailed out within the month, as Mint reports. Who’s Eligible? According to the outlet, taxpayers who submitted their 2024 tax return before the end of May 2025, or filed for an extension, may be eligible to receive the refund. Eligibility is also determined by the accuracy and completeness of your return. If your paperwork was filed electronically and you opted for direct deposit, you’re more likely to receive your refund faster than someone who mailed in a return or is receiving a paper check. The IRS has emphasized that e-filers with no significant errors or missing information, whose returns are not under review or audit, will be prioritized. That means if you submitted your return accurately and early, you could see your refund...

Founder Melissa Butler says The Lip Bar was impacted by the Target boycott. How Target’s DEI Stance Impacted Its Q1 Earnings As AFROTECH™ previously reported, Target made the decision to scale back its three-year diversity, equity, and inclusion (DEI) efforts, which included dismantling a program that worked to feature Black-owned businesses in its stores. The company also stopped sending reports to an external diversity-focused organization. This prompted a 40-day consumer boycott led by Rev. Jamal Bryant, which attracted participation from nearly 200,000 consumers, per Atlanta News First. Target experienced a decline in foot traffic for 11 consecutive weeks, and its first-quarter earnings were $23.8 billion, which was 2.8% lower than the same period the previous year, according to a press release. To no surprise, business owners shelved at the store have felt the brunt of the boycott. This includes Butler who shared that sales had plummeted between 30% and 40%. “When people ask me...

Anthony Davis has mixed feelings about NIL deals. What Is NIL? In June 2021, NCAA college athletes were given the opportunity to benefit financially from their name, image, and likeness (NIL) for the first time. This change came after governance bodies across all three NCAA divisions suspended NIL restrictions for current and incoming student-athletes in all sports, according to the NCAA. However, it was clarified that despite the changes to the NIL landscape, “pay-for-play” arrangements and improper inducements would still not be permitted. “This is an important day for college athletes since they all are now able to take advantage of name, image and likeness opportunities,” NCAA President Mark Emmert said at the time, per the NCAA. “With the variety of state laws adopted across the country, we will continue to work with Congress to develop a solution that will provide clarity on a national level. The current environment — both legal and legislative — prevents us from providing a...

A new center is set to be the first of its kind for Black-owned businesses and professionals in Charlotte, NC. Innovation Center According to The Charlotte Observer, a project called the Innovation Center is underway, guided by a mission to promote economic growth and combat food disparity. The initiative is led by Cathay Dawkins, an entrepreneur and chairman of the Charlotte-Mecklenburg Black Chamber of Commerce, along with other members of the organization. “Think of it as a one-stop shop for professionals and small businesses,” Dawkins told the outlet. Why It Was Needed After visiting similar establishments in cities such as Atlanta, GA; Washington, DC; and Durham, NC, Dawkins says he felt it was essential for Charlotte to have a center of its own. Now, the Innovation Center is set to become the city’s first hub specifically geared toward amplifying Black business people. “As things in the community get taken away, like federal funding and grants, we want to be a safe space,”...

Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. President Donald Trump’s tariffs have rocked industries across the globe, from manufacturing to fashion and retail. The current crop of tariff policies will do damage to retailers, large and small and one of the retailers that has gotten caught in the crossfire is Nike . Nike has been an American staple in the world of business and fashion since the company was founded in 1964 by University of Oregon track coach Bill Bowerman and his former student Phil Knight as Blue Ribbon Sports. The company originally started as a distributor for the Japanese shoe brand Tiger (now ASICS) but began making its athletic footwear in 1971 and rebranded as Nike, named after the Greek goddess of victory, as reported by The Street. The iconic “Swoosh” logo was designed by Carolyn Davidson, a student at nearby Portland State University, for just $35 as reported by Reuters and became one of the world’s most recognizable...

Carrot Credit, a Nigerian fintech company, recently announced via LinkedIn that it has raised $4.2 million in seed funding to expand its lending platform, which enables users to borrow against digital investment assets. The funding round was led by MaC Venture Capital, a firm that’s known for investing in diverse founders, as AFROTECH™ previously reported, with additional participation from Partech Africa and Authentic Ventures. When making the announcement, Carrot Credit stated that the funding will be used to support the company’s efforts to grow its team, enhance its credit infrastructure, and strengthen integration with digital investment platforms across Africa. Borrowing Without Selling: A New Credit Framework According to its website, Carrot Credit offers a unique approach to lending by allowing individuals to use their financial assets, such as stocks, exchange-traded funds (ETFs), government bonds, or cryptocurrencies, as collateral. Users can access up to 40% of the value...

The lifeline of a multi-billion-dollar effort to support minority- and women-owned businesses is under investigation. Established in 1983, The Disadvantaged Business Enterprise (DBE) program provides $37 billion in funding to minority- and women-owned businesses, supporting nearly 49,000 “disadvantaged” businesses, The Washington Post reports. But now the Justice Department argues that this program, provided through the Department of Transportation, violates the Equal Protection Clause of the 14th Amendment. The case originated from two Indiana-based transportation companies Mid-America Milling and Bagshaw Trucking, which in 2023 alleged that they lost opportunities when minority- and women-owned businesses were awarded contracts through the “largest, and perhaps oldest affirmative action program in U.S. history.” The DBE program was defended by the Justice Department during former President Joe Biden’s administration, stating that it was essential to combat discrimination in...

The Black Opportunity Fund (BOF) — a Toronto, Canada -based community-led charity — has launched BOF Capital to expand access to business and housing capital for Black entrepreneurs. The initiative includes two primary fundraising goals: a $100 million private equity growth fund to support Black-owned businesses and a $50 million shared equity housing fund to help Black Canadians purchase homes, according to The Globe and Mail. While fundraising is still in its early stages, BOF Capital intends to have both funds secured by the end of 2025. “We know where we are going for that first $150 million and now what we are doing is bringing them in and having conversations with those anchor investors to get everything papered and do the due diligence,” BOF’s CEO Craig Wellington said, per the outlet. “We have essentially been holding them back, some of them for three years.” Leaders on Bay Street — based in the center of Canada’s financial sector in Toronto — founded BOF in 2020 to help...

Actress Keke Palmer credits director Jordan Peele for being the first to pay her adequately. View this post on Instagram A post shared by ELLE Magazine (@elleusa) In an interview with Business Insider, Palmer cited Jordan Peele’s 2022 film “Nope,” in which she starred alongside Academy Award winner Daniel Kaluuya, as the first time she was paid properly. Recognizing the importance of proper compensation and pay equity in Hollywood, particularly for Black actresses, Palmer said she does not measure her circumstances with others. “I don’t compare — especially as a Black person, a Black woman — because it’s not a fair thing to do to myself,” Palmer told Business Insider. “I don’t think that comparing oneself makes sense in any regard, because you’re not at the same vantage point, beginning or otherwise, as someone else.” She added, “If you are getting your needs met, that has to be at the forefront of your mind. That doesn’t mean that everything is fair, but it’s an important thing to...

Salesforce is making a bold move in the enterprise tech space with its planned $7.75 billion acquisition of Informatica, a long-established leader in AI-powered data integration and governance, according to a press release. It’s the company’s largest deal since buying Slack for nearly $28 billion in 2021 and signals a deeper investment in artificial intelligence (AI) infrastructure. Informatica Stock Rises On Deal News Salesforce will pay $25 per Informatica share, a 30% premium over its May 22, 2025, closing price, the day before acquisition talks resumed, as The Network Journal (TNJ) reports. Informatica stock jumped nearly 6% following the announcement. The Salesforce Informatica acquisition is expected to close by February 2026, pending regulatory approval, and will be funded through cash and new debt, per the outlet. A deal was previously discussed in 2024, but the two parties could not agree on terms at the time, according to Reuters. For Salesforce, Informatica offers an...

Martha’s Vineyard is a place of solitude for Black families during the summer. The island in Dukes County, MA, was recently featured in the popular Netflix series “Forever” directed by the legendary creator of “Girlfriends,” Mara Brock Akil. In the new show, characters Keisha Clark (played by Lovie Simone) and Justin Edwards (played by Michael Cooper Jr.) reconnect in Martha’s Vineyard after a breakup. Edwards’ family resides particularly in Oak Buff each summer. History Of Martha’s Vineyard Explained Furthermore, the location of their reconnection was intentional, per Brock Akil, who lives part-time in Martha’s Vineyard, according to Netflix. The series is adapted from Judy Blume’s 1975 YA novel of the same name, and Episode 5 takes viewers to Martha’s Vineyard, serving as a love letter to the island. “Understanding the essence of the island, even in the way it shaped the story, is important,” Brock Akil told Netflix. “You think you’re just arriving on the island, and you don’t...