*NBA stars Jaylen Brown and now ex-star player and Dallas Mavericks head coach Jason Kidd are headed to Oakland to launch a new initiative called the Oakland XChange to invest in Oakland’s community.
“Today was a great day to commence,” said Brown, who calls Oakland his “second home,” ABC 7 reports. “Being able to identify the next location. And be able to have collective people of influence show up here,” he continued.
The Boston XChange is focused on tackling wealth disparities by establishing a Black Wall Street in Boston. Brown is partnering with Kidd to bring a similar initiative to Oakland, ABC 7 reports.
“(Brown) did the championship on the court, but we can also win championships off the floor. And I am here to support that,” said Kidd.
NBPA Vice President @FCHWPO and NBA Hall of Famer @RealJasonKidd recently unveiled The XChange, a national initiative focused on bridging the racial wealth gap by generating $5 billion in net wealth for historically marginalized communities. The new nonprofit, based in Boston and… pic.twitter.com/3XGccRzM79
— NBPA (@TheNBPA) August 12, 2024
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Brown and Kidd plan to start with a multimillion-dollar investment to support various projects focused on building generational wealth. Per ABC 7, these efforts include establishing business incubators, launching programs for local artists and musicians, and acquiring property in areas like downtown Oakland.
“What they can fund is the acquisition of real estate assets, which brings the cost of space down significantly by owning those assets. Also allows us to invest in those spaces knowing they will be in the community in perpetuity,” said Trevor Parham, founder of Oakstop, one of the partners in Oakland Xchange.
Oakland City Councilmember Carroll Fife said, “This injection, this support, this investment is a game changer for – not just the entire city, but economic hub of the city, which is District 3.”
Brown added, “I think there are a lot of great things that are already going on in Oakland. Rich history, tradition, entrepreneurship, so it is not like I got to come here and start something that ain’t been done already.”
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