Netflix Chair Gives $1.1 Billion To Silicon Valley Charity

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Reed Hastings, executive chairman and co-founder of streaming TV giant Netflix Inc., has given $1.1 billion in stock to the Silicon Valley Community Foundation.

Hastings, 63, listed a gift of 2 million shares in a regulatory filing, without identifying the recipient.

A Netflix spokesperson confirmed it was the foundation, which grants money for affordable housing, early childhood development, disaster relief and other causes.

In 2022, the foundation made almost 15,000 grants totaling $2.57 billion, according to its website.

Hastings has been generous in the past, particularly to causes involving education. He and his wife, Patty Quillin, gave $120 million to support historically Black universities in 2020. The pair has also signed the giving pledge, where wealthy individuals promise to donate the bulk of their fortunes to charity.

The Silicon Valley group, founded in 2007, has been a recipient of donations from others in the Northern California technology community. In 2012, for example, Facebook co-founder Mark Zuckerberg and his wife, Priscilla Chan, gave $500 million worth of company stock to the foundation.

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