Netflix co-founder and chairman Reed Hastings has donated $1.1 billion in shares of that company to the Silicon Valley Community Foundation charity.
This foundation provides money for, for example, affordable housing, help for poor children and support in natural disasters.
In total, 63-year-old Hastings donated approximately 2 million shares of Netflix to the foundation. In the past, he has often given money to charities related to education. In 2020, he and his wife gave another $120 million to support colleges for African Americans.
Hastings has also signed the so-called ‘giving pledge’, in which wealthy people promise to donate most of their fortune to charities.
The Silicon Valley Community Foundation was founded in 2007 to raise money from the technology sector. Silicon Valley in California is known for its large technology companies. In 2012, CEO Mark Zuckerberg of Facebook parent Meta and his wife donated $500 million worth of shares to the foundation.
By 2022, the institution would have spent almost $2.6 billion on charities.