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Netflix founder and government chair Reed Hastings has gifted 2 million shares, value over $1.1 billion on the inventory’s present value, to the Mountain View, California-based Silicon Valley Neighborhood Basis, Deadline has confirmed.
The transfer was famous in a latest SEC submitting with out the beneficiary named. The donation was an enormous chunk of Hastings’ Netflix inventory — about 40%. He nonetheless owns 2,991,541 shares, the submitting stated.
The inventory has been having an ideal run and closed as we speak at $575.08.
Hastings had a web value of $6.6 billion earlier than the most recent reward, in keeping with the Bloomberg Billionaires Index. He has donated to instructional establishments led by HBCUs (Traditionally Black Schools and Universities). Final 12 months, he gave $20 million to Minerva College in San Francisco.
Hastings stepped down as co-CEO of Netflix with Ted Sarandos a 12 months in the past. Greg Peters is now co-CEO.
The Silicon Valley Neighborhood Basis is a nonprofit public profit company devoted to charitable actions, and the most important charitable basis in Silicon Valley. Reps didn’t instantly reply to request for touch upon the windfall.
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