Mark Zuckerberg's firm follows in the footsteps of Google - who announced this week they are giving $175 million to black business owners, startups and developers - by offering financial support and vowing to increase the diversity of their workforce by 2023.
Zuckerberg had originally vowed to donate $10 million to groups who work to fight racial injustice.
However, he's upped the sum, following bigger handouts from Google and Apple and YouTube, who pledged $100 million.
Facebook has announced that $25 million will go to Black content creators, and $75 million will be available for cash grants, whilst $100 million will go to Black-owned suppliers.
What's more, Facebook has vowed to spend $1 billion on diverse suppliers next year and every year after.
As well as the financial support, the social media network is also creating the hub called Lift Black Voices, where people will be able to hear stories from the black community, access resources and also make donations.