Hastings will give $40 million each to Spelman and Morehouse and $40 million to the United Negro College Fund (UNCF) to be distributed across the other HBCUs. There are a total of 107 HBCUs and only 37 historically black colleges and universities are apart of the UNCF network.
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“There are many good places to donate, but the [historically Black colleges and universities] are 150 years old, incredibly resilient, producing an amazing number of Black graduates,” Hastings said in a CNBC interview.
“We want to help draw attention to the HBCUs, to them being part of the solution for America, and for Black children to aspire to,” he added.
Though the HBCU community appreciated the contribution, some expressed their frustrations with only certain schools getting the money. More well-known universities like Howard, Spelman, Morehouse, and FAMU are known for their elitism and seem to receive donations more often than others.
Between current students and alumni, Twitter users communicated their annoyance with the CEO in hopes that in the future donators will consider giving endowment to other universities in need.