Netflix co-founder and executive chairman Reed Hastings has donated 2 million shares of Netflix stock, valued at around $1.1 billion, to an unidentified group, according to a Securities & Exchange Commission filing.
According to numerous reports, the unnamed entity is the Silicon Valley Foundation, a popular charity for tech-biz earth movers because of the tax breaks and privacy it offers.
Hastings still owns approximately 3 million shares, valued at $1.72 billion, through his family trust, in addition to several million stock options. According to the Bloomberg Billionaires Index, Hastings now ranks No. 491 on the list of the wealthiest individuals, with a remaining personal wealth of $5.49 billion.
Hastings has a track record of large donations to educational entities.
In 2020, for example, Hastings and his wife, Patty Quillin, created a $120 million scholarship pool at Black universities Spelman College and Morehouse College, as well as with the United Negro College Fund.
Currently trading at nearly $576 per share, Netflix stock is on a trajectory to surpass the all-time high of $690.31 a share reached in October 2021.
