As world famous comedian Dave Chappelle once said: “You hate to see it, but more than that, you love to see it.”
The Washington Free Beacon obtained tax documents Tuesday showing the Marxist Black Lives Matter Global Network Foundation (BLM GNF) plunged millions of dollars into the red. The BLM GNF was founded in November 2020 ostensibly to provide a more formal of structuring of the BLM Movement.
At the same time, BLM GNF is still doling out millions of dollars to relatives of its co-founder Patrisse Cullors and several board members. As the Daily Mail notes, Cullors resigned in May 2021.
Cullors once claimed that financial disclosures would be “triggering” and “unsafe.” Now we know what she wanted to cover up.
The Free Beacon reported:
Black Lives Matter Global Network Foundation ran an $8.5 million deficit and saw the value of its investment accounts plummet by nearly $10 million in the most recent tax year, financial disclosures show. The group logged a $961,000 loss on a securities sale of $172,000, suggesting the charity weathered a staggering 85 percent loss on the transaction.
These troubles didn’t stop BLM from doling out seven-figure contracts to friends and family of its former executive director Patrisse Cullors, who once said charity financial disclosures were “triggering” and “deeply unsafe.”
It’s no surprise that Cullors was so fearful of disclosing Black Lives Matter’s finances to the public. The revelations in Black Lives Matter’s latest Form 990 show that the group is on the fast track to financial insolvency, and that the excesses of Cullors’s tenure have not abated under her chosen successor, Shalomyah Bowers.
The financial losses come after a year of missteps and setbacks for the embattled charity. BLM raised just $9.3 million in its 2022 fiscal year, down 88 percent from its haul the year prior. Black Lives Matter was forced to shut off its online fundraising streams in February 2022 due to compliance and transparency issues in several liberal states.
The group has blown through two-thirds of the $90 million it raised in the wake of George Floyd’s death in the summer of 2020. BLM spent about $12 million of those funds on luxury homes in Los Angeles and Toronto.
Do not forget, as The Gateway Pundit previously reported that donations to BLM were also going directly to ActBlue, the fundraising platform for the DNC. It is not clear how many MILLIONS OF DOLLARS the Democrats raised by pushing this ruse on the American public.
Far Left Democrats Sent Money to BLM But ActBlue Took the Donations and Are Distributing the Funds to Only Elite-Approved Democrat Candidates
The rise of BLM has led to massive crime spikes in America’s major cities thanks to weak-kneed politicians bowing to BLM’s pro-crime ideas. This includes defunding the police which multiple Democrats have adopted as a rallying cry.
The demise of the BLM movement cannot come soon enough. Complete bankruptcy for their national organization is a good start.