Advertisement

Reed Hastings Gifts $1.1 Billion Of Netflix Stock To Silicon Valley Nonprofit

Netflix founder and executive chair Reed Hastings has gifted 2 million shares, worth over $1.1 billion at the stock’s current price, to the Mountain View, California-based Silicon Valley Community Foundation, Deadline has confirmed.

The move was noted in a recent SEC filing without the beneficiary named. The donation was a big chunk of Hastings’ Netflix stock — about 40%. He still owns 2,991,541 shares, the filing said.

More from Deadline

The stock has been having a great run and closed today at $575.08.

Hastings had a net worth of $6.6 billion before the latest gift, according to the Bloomberg Billionaires Index. He has donated to educational institutions led by HBCUs (Historically Black Colleges and Universities). Last year, he gave $20 million to Minerva University in San Francisco.

Hastings stepped down as co-CEO of Netflix with Ted Sarandos a year ago. Greg Peters is now co-CEO.

The Silicon Valley Community Foundation is a nonprofit public benefit corporation dedicated to charitable activities, and the largest charitable foundation in Silicon Valley. Reps didn’t immediately respond to request for comment on the windfall.

Best of Deadline

Sign up for Deadline's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.