The University of California has decided to sell $25 million in stock of three private companies that operate prisons. The university has sold its stock in Corrections Corporation of America, G4S, and the Geo Group.
The Afrikan Black Coalition, a student group representing Black students at all 10 University of California campuses, had demanded that the university divest itself of prison-related stocks. The protesters stated that the prison industrial complex takes state funds away from educational institutions and because Blacks are disproportionately incarcerated.
A university spokesperson said that the decision to sell the stocks was made because they are no longer a good long-term financial investment.