Netflix backs Black banks, hires its first Black CMO  Bozoma Saint John Photographer: Leon Bennett/WireImage Netflix pledged to shift up to $100 million of its cash into banks that serve Black communities, the first major company to address the racial wealth gap in this way. This doesn't mean Netflix is gifting money to Black communities. It's giving these financial institutions more money they can then use to lend to homebuyers and small businesses. Bill Bynum, the head of Hope Credit Union, one of the first recipients, says this is a big deal. The streaming service has been one of the most aggressive media companies in responding to the resurgence of the Black Lives Matter movement over the past several weeks. In addition to the bank commitment, CEO Reed Hastings pledged $120 million of his personal fortune to historically Black colleges and universities. These first two moves both involved aiding society at large, and did little to change the culture in Netflix, which is still less diverse than the U.S. (especially at its highest levels). The company always been led by white men, and several former Black employees have complained it's not been a welcome environment for them. Within just a few hours of the bank announcement, Netflix said it hired Bozoma St. John as chief marketing officer, the first Black executive in its C-Suite. (Netflix has 9 Black VPs.) My first reaction: this is a very un-Netflix move. St. John is an executive with a considerable public profile who has hopped around an awful lot over the last few years; Netflix is her fourth job in five years. Netflix does not tend to go for the "name" when it comes to its own employees. Lots and lots of YouTube drama The video site banned six accounts associated with White supremacists (or white supremacist material) for violating its rules against hate speech. The list of suspended accounts includes Stefan Molyneux, a very popular figure on the site, as well as David Duke, the former Grand Wizard of the Klu Klux Klan. YouTube also suspended advertising on channels run by Shane Dawson, one of the most popular creators on the site (and an old school creator). Dawson was suspended from videos that are years old, but resurfaced in recent weeks. In both cases, YouTube is punishing people for behavior that is not new, but the company now considers inappropriate. India bans TikTok The Indian government banned dozens of apps from Chinese companies, but the headline ban is TikTok, the popular user-generated video service. India is punishing Chinese businesses for a recent dispute at their border. The live stream boom Live streaming website Caffeine just raised $113 million at a valuation north of $600 million. Its investors include a big media company (Fox), a big cable company (Cox) and a couple big venture capital firms (Andreessen Horowitz and Greylock Partners). Caffeine is similar to Twitch in that it offers live streams on the internet. It's dissimilar in that its most popular content right now is a rap battle league. The site is smart enough to know it won't be able to beat Twitch at gaming, so it's trying to live stream other genres. The danger is that Twitch gets so big that it's the leader in lots of other categories. Just look at this chart of Twitch's growth over the past year.  Get smart fast Weekly playlist Read: This story by Zeke Faux. Just trust me. Watch: "I May Destroy You." The new HBO show is unlike anything I've seen before. Listen: I must have lost my mind because I spent the holiday weekend listening to the new Harry Styles. | 
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