TikTok Commits $375 Million to Coronavirus Aid
TikTok now joins the pretty long list of companies who have decided to step up during this coronavirus pandemic! According to Variety, the social-video company owned by Chinese internet giant ByteDance just pledged to donate a total of $375 million. The news site noted that $250 million in funds will support COVID-19 relief efforts as well as $125 million worth of advertising credits on the platform.
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TikTok president Alex Zhu wrote in a blog post:
“We are committed to playing our part in that global outpouring of mutual support and giving,” he said. “We want to magnify all we are seeing across our community and translate it into concrete relief for those most affected by this crisis.”
Specifically, $150 million in funds will go towards medical staffing, supplies, and hardship relief for health care workers. $40 million in cash to local organizations that serve groups of musicians, artists, nurses, educators, and families that have come together on the platform, while $50 million in grants will go to educators, professional experts, and nonprofits who use the service to share educational information and useful course material in an accessible, distance-learning format, Axios quotes. As for the $125M: $100 million of it will go towards ad credits to help small and midsize businesses get back on their feet once they can resume business.
$25 million will go to ad credits for non-governmental organizations, trusted health sources, and local authorities. In addition, the company is establishing the TikTok Community Relief Fund, The company is providing an additional $10 million matching in donations from TikTok users. To date, the company has donated $2 million to MusiCares.
The company added in their blog post,
“TikTok will be actively seeking more ways to contribute, including identifying the most effective ways to allocate these remaining funds to support ongoing relief needs. We understand that these are challenging times for everyone.”
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