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A host of major companies is pulling financial support from this year’s Pride events as once-popular DEI initiatives continue to tank under
the Trump administration.
Credit card giant Mastercard is pulling it corporate sponsorship of the New York City Pride March as many Diversity, Equity and Inclusion measures have crumbled during President Trump’s second term.
Mastercard has supported Heritage of Pride, the nonprofit that organizes the annual NYC parade
as well as other Pride events, for around a decade, the Wall
Street Journal reported.
It isn’t the only NYC Pride sponsor not returning this year.
PepsiCo, Nissan, Citi, Comcast and PricewaterhouseCoopers have also pulled out as sponsors of NYC Pride.
Financial reasons, including looming tariff threats, have been cited by companies like Nissan for the decision as Trump’s war on DEI has highlighted
his first few months in office.
John Paul Rollert, an adjunct associate professor at the University of Chicago Booth School of Business,
told the New York Times that many organizations fear ‘that they will be subject to heightened scrutiny and perhaps even reprisal by the current administration.’
‘Supporting a Pride event is not particularly expensive undertaking.
This is a fear of a potential reputational harm that might
come from the administration turning its spotlight on them,’
he added.
Companies such as Mastercard have pulled their corporate sponsorship of the New York City Pride March as
Diversity, Equity and Inclusion measures have crumbled during
Trump’s second term
PepsiCo, Nissan, Citi, Comcast and PricewaterhouseCoopers have also pulled out
as sponsors of NYC Pride
Trump declared DEI initiatives to be ‘illegal and immoral,’ barring the
government from funding them
Beer maker Anheuser-Busch InBev pulled support for Pride events in St.
Louis while booze company Diageo dropped out of events in San Francisco, though Diageo said it would
sponsor U.S. Pride events through its Smirnoff brand, WSJ reported.
Eve Keller, co-president of USA Prides, told NBC News that
members across the country have reported a significant reduction in sponsorship funds this year.
Some rural Pride events, Keller said, are experiencing a
70 to 90 percent reduction in funds compared to an average year.
Support for Pride events soared in 2015 following the Supreme Court’s ruling in favor of same-sex
marriage.
Companies supporting Pride events have fueled accusations of only showing support to the community when it
is financially advantageous – dubbed ‘pinkwashing’ or ‘rainbow capitalism.’
This year, 39 percent of executives plan to decrease their recognition of Pride, according to a
survey by Gravity Research, WSJ reported.
Trump’s executive order against DEI policies and programs has now seemingly further hindered Pride
events.
Trump declared DEI initiatives to be ‘illegal and immoral,’ barring the government from funding them.
He also prohibited federal funds from promoting ‘gender ideology.’
Support for Pride events soared in 2015 following the Supreme Court’s ruling in favor of same-sex marriage
This year, 39 percent of executives plan to decrease their recognition of Pride, according
to a survey by Gravity Research
In an attempt to avoid the administration’s wrath, many companies have scaled back
their DEI practices
Suzanne Ford, the executive director of San Francisco Pride,
said companies backing away haven’t been entirely certain on their reasoning.
‘Obviously, the Trump administration and the war on diversity, equity and inclusion, I think, has affected some corporations’ decisions about who
they sponsor,’ she told Business Insider.
‘Some corporations are hedging their bets, not trying to inflame one side or the other and trying to just stay
out of the fray.’
In January, Target received backlash for axing its DEI program and was subsequently banned from the Minneapolis Pride parade.
The retailer has long supported Twin Cities Pride, but
after news broke of the company deciding to cut back on its
policies, the pride organization’s executive director banished the store and its $55,000 in funding.
The organization took to social media to share that the company’s decision –
announced in a newsletter in late January – was ‘the
breaking point,’ even though Target was expected to sponsor the parade again this year.
The retail giant announced the drastic change just one week after Trump initiated orders
to sever diversity, equity and inclusion policies
across the nation.
Companies supporting Pride events have fueled accusations
of only showing support to the community when it
is financially advantageous – dubbed ‘pinkwashing’ or ‘rainbow
capitalism’
Target was banned in January from taking part in the Twin Cities Pride this year after
axing its DEI programs
‘Throughout 2025, we’ll be accelerating action in key areas and
implementing changes with the goal of driving growth and staying in step with the evolving external landscape,’ Target said.
As part of that change, the company said it planned
to end its three-year DEI goals, conclude its Racial Equity Action and Change (REAC) initiatives,
halt ‘external diversity-focused surveys,’ and rename its ‘Superior
Diversity’ outreach to ‘Supplier Engagement.’
Twin Cities Pride officially announced the ‘bold decision’ to axe the retailer on social media, stating that even though Target’s absence at
the parade ‘means losing $50,000 in funding,’ it had to be done.
The group urged the community to instead donate to Twin Cities
Pride to help ‘fill the gap’ from the money lost.
‘Your donation will ensure we can continue providing year-round programming, celebrating Pride
with authenticity, and creating safe, inclusive spaces
for all,’ the post read.
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