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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.
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.
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