Netflix co-founder and chairman Reed Hastings has donated 2 million shares worth $1.1 billion to a California charity.
Last week, Mr. Hastings gave away his Netflix stock, which he owned through the Hastings Quillin Family Trust, as a gift, according to a filing with the Securities and Exchange Commission.
Netflix confirmed to FOX Business that the shares were transferred to the Silicon Valley Community Foundation.
After the transaction, Hastings will own about 3 million shares of the streaming giant, which he led as CEO for 25 years, excluding options, according to SEC filings.
The Silicon Valley Community Foundation declined to comment on the donation. Founded in 2007, the charity donated $2.6 billion in 2022 to support more than 5,000 local organizations.
Hastings has previously worked with the Silicon Valley Community Foundation on education-related philanthropy, according to a 2016 Facebook post.
He and his wife have signed the Giving Pledge since 2012. Microsoft co-founder Bill Gates, his ex-wife Melinda French his Gates, his Berkshire Hathaway CEO Warren Buffett launched this initiative about 14 years ago.
“We are honored to help our community, our country, and our planet through philanthropy,” Hastings and his wife, Patti Quillan, said in their donation pledge.
His philanthropy has also included sending charitable donations to other organizations over the years.
Hastings’ net worth was about $4.1 billion as of Tuesday afternoon, according to Forbes magazine.
