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John,
Today, we recognize a tragic moment in history that reminds us of what can be lost and underscores how we must continuously work toward a society that is just, fair, and free from structural racism. From May 31 to June 1, 1921, White rioters looted and burned 35 blocks of Black-owned businesses in the Greenwood District in Tulsa, Oklahoma. This came to be known as the Tulsa Race Massacre. 300 people were killed, the area known as Black Wall Street was leveled, and a once vibrant Black community was devastated.
The economic impact from the Massacre was significant. According to the 2001 report by the Oklahoma Commission to Study the Tulsa Race Riot of 1921, “The official damage was estimated at $1.5 million [roughly $22 million in today’s dollars], the Black community filed more than $4 million in claims. All were denied.” Imagine where this thriving community would be if they could have passed down wealth, altering the trajectory for their children and grandchildren.
In the wake of death, terror, and destruction, the community came together to rebuild – maybe even stronger than it was before. Despite city officials creating legislative barriers to rebuilding, by the 1940s, the Black homeownership rate in Tulsa was at 49 percent. However, a second destruction occurred in the 1970s when the construction of Interstate 244 went through the middle of the Greenwood District. “What the city could not steal in 1921, it systematically paved over 50 years later.”1 In the aftermath of the Tulsa Race Massacre, Greenwood refused to be beaten. The community came together to rebuild for a second time, and today is once again growing. Greenwood’s courage and resiliency in the face of adversity and outright discrimination is an inspiration to those who continue the unfinished work of ending racism and creating an economy that offers opportunity for all. And Prosperity Now is proud to carry this torch forward.
This is an important time to not only remember what was lost but to advance our movement for racial and ethnic economic equity. Prosperity Now is investing in bold new ideas, securing more federal and state policies, and deploying resources to support minority entrepreneurs.
Last year, we launched our One Million BIPOC Entrepreneurs Initiative to disrupt systemic barriers and give business owners of color access to the same resources that help all businesses grow.
We also partnered with Bloomberg Philanthropies’ Greenwood Initiative — named in remembrance of those lost in the Massacre — to host the Black Wealth Data Center, dedicated to advancing racial wealth equity through data, research, and community building.
As we remember tragedies of the past, including the Tulsa Race Massacre, let us not waver in our commitment to the future. There will be setbacks, but together we will persevere. Thank you for being part of our movement for racial wealth equity. Together, we can build a future where every person, family, and community has the power to build sustainable wealth and prosperity.
In solidarity,
Prosperity Now
1. Carlos Moreno, "Next City"
