Reed Hastings Gives Netflix Shares Worth $500 Million as a Gift to Silicon Valley Community Foundation
variety.comTodd Spangler NY Digital Editor Reed Hastings has given away 790,000 shares of Netflix — worth nearly $500 million — as a gift, according to a regulatory filing.
According to a source familiar with the stock transaction, the streaming mogul gifted the shares to the Silicon Valley Community Foundation, the organization to which he had given 2 million Netflix shares in January.
All told, the stock he’s granted to the charity is worth about $1.76 billion today. The Silicon Valley Community Foundation says it works to “bridge critical gaps and divisions to deliver strategies that reduce systemic inequities” in the Bay Area.
Hastings, the co-founder, executive chairman and former CEO of Netflix, disposed of 790,000 shares on July 24, according to an SEC ownership disclosure Friday.
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