Masters of Scale Rapid Response: Inside PayPal's $530M plan to close the racial wealth gap, with CEO Dan Schulman
Jul 11, 2020
Dan Schulman, CEO of PayPal, discusses the company's $530 million commitment to support Black and minority-owned businesses, inspired by the events following George Floyd's death. He highlights the significant opportunity for economic recovery during the pandemic, reports a surge in engagement from new demographics, and emphasizes PayPal's role in reshaping financial equity. Schulman illustrates the balance between immediate action and long-term systemic change while advocating for corporate responsibility and diversity in achieving racial justice.
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PayPal's Pandemic Boom
- PayPal thrived during the pandemic, with stock up over 50% and a surge in new users.
- Dan Schulman, CEO, prioritized addressing social justice issues amidst this growth.
SilverTech Adoption
- A significant segment of new PayPal users during the pandemic were over 50, termed "SilverTech".
- This was driven by necessity as they shifted to online shopping during lockdowns.
Addressing Racial Wealth Gap
- PayPal committed $530 million to support Black and minority-owned businesses following George Floyd's killing.
- This initiative aims to address the racial wealth gap and promote financial health.