REED HASTINGS GIVES NETFLIX SHARES WORTH $500 MILLION AS A GIFT TO SILICON VALLEY COMMUNITY FOUNDATION

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. The shares were given as a gift but the beneficiary was not disclosed. Following the transaction, Hastings - through the Hastings-Quillin Family Trust, established with his wife, Patty Quillin - owns 2,201,541 shares in the streaming giant.

Separately, Hastings this week revealed a $7 million donation to a super PAC supporting the presidential campaign of VP Kamala Harris.

Hastings, who co-founded Netflix in 1997, stepped down as CEO after serving in the role for 25 years. Ted Sarandos and Greg Peters serve as the company's co-CEOs.

Hastings has a long track record as an educational philanthropist. In 2020, Hastings and his wife, Patty Quillin, gave $120 million to Spelman College, Morehouse College and the United Negro College Fund for scholarships to historically Black colleges and universities. Last year, Hastings donated $20 million to Minerva University, styled as a next-generation institution of higher education. Hastings and Quillin also donated $10 million to Tougaloo College, an HBCU in Mississippi, and the couple have supported the KIPP Foundation, which runs a national network of tuition-free charter schools serving low-income communities of color.