Netflix’s co-founder and executive chair, Reed Hastings, has made a remarkable philanthropic move by donating 2 million Netflix shares, valued at over $1.1 billion at the current market price, to the Silicon Valley Community Foundation in Mountain View, California.
This substantial donation, representing around 40% of Hastings’ Netflix holdings, was disclosed in a recent Securities and Exchange Commission filing.
The filing reveals that Reed Hastings still owns 2,991,541 shares in Netflix, underscoring the extent of his overall investment in the streaming giant.
Apart from the charitable impact, such contributions provide executives with significant tax benefits, offering deductions against current income, often reaching up to 30%, depending on the donor’s tax rate.
Before this noteworthy philanthropic act, Reed Hastings had a net worth of $6.6 billion, as per the Bloomberg Billionaires Index.
Despite stepping down from the co-CEO position at Netflix with Ted Sarandos a year ago, Reed Hastings remains a substantial figure within the company, with Greg Peters now serving as co-CEO.