Netflix Founder Donates $1.1 Billion In NFLX Stock To Community Foundation
Netflix co-founder and executive chair Reed Hastings has donated 2 million in shares to the California-based Silicon Valley Community Foundation.
Hastings' charitable gift is estimated to be worth $1.15 billion after Netflix's stock price closed at $575.79 on Monday.
The billionaire made the move on Jan. 24, per an SEC filing that didn't identify the recipient. The donation made up about 40% of his total Netflix stock. He still owns 2,991,541 shares after the move, estimated to be worth $1.7 billion.
Hastings, who co-founded Netflix in 1997, is estimated to be worth $6.6 billion before the donation.
The Silicon Valley Community Foundation based in Mountain View, California, is a non-profit community foundation that helps "bridge critical gaps and divisions to deliver strategies that reduce systemic inequities."
Prior to this transaction, Hastings has also donated to many other charities and organizations.
As an educational philanthropist, he has donated $120 million to historically Black colleges, including Spelman College, Morehouse College and the United Negro College Fund. According to Variety, he has also gifted Minerva University with $20 million and Tougaloo College with $10 million.
In early 2023, Hastings stepped down as CEO of Netflix with Ted Sarandos and Greg Peters taking over as co-CEOs.
In 2023, Netflix posted a Q4 record, adding 13.1 million paid subscribers worldwide -- its biggest net increase yet. The company expects to see a revenue increase of 13% year-over-year.
