Asian-American business leaders launch US$250 million effort to combat anti-Asian hate

The Asian American Foundation said it will invest its initial funding in anti-hate programmes, education, and data and research

The effort bolsters the emergence of Asian-Americans as a political and cultural force in the wake of a spate of attacks over the last year

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Published: 4:57am, 4 May 2021Updated: 12:03am, 5 May 2021

A new foundation formed by prominent Asian-American business leaders announced on Monday a US$250 million initiative to fund work on a range of problems affecting the community including a rise in violence and harassment tied to the coronavirus pandemic.

The Asian American Foundation (TAAF), founded recently to address a “long-standing lack of investment and resources” for Asian-American and Pacific Islander (AAPI) communities, will channel its initial funding of US$125 million to anti-hate programmes, education, as well as data and research.

Companies including Coca-Cola, Walmart, Citigroup, Amazon, UBS Group and the National Basketball Association have contributed another US$125 million, TAAF said.

Chaired by Li Lu, founder of hedge fund Himalaya Capital, the TAAF board includes billionaires Jerry Yang, the co-founder of Yahoo, and Joseph Tsai, co-founder of Alibaba Group Holding, among other executives. Alibaba is the owner of the South China Morning Post.

The investment is crucial, TAAF said in a press release, “particularly as anti-AAPI hate and violence persist at alarming rates”.

Li, in a statement to the Post, said: “We are proud to join all of the leaders and organisations that have been working on behalf of AAPI communities for years.

“Together, we can take action against hate and violence, and build the infrastructure needed to promote AAPI’s advocacy, power, and representation in every facet of American society.”

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