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.

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.