Reed Hastings Grants .1 Billion Worth of Netflix Stock to Unnamed Beneficiary

Reed Hastings Grants $1.1 Billion Worth of Netflix Stock to Unnamed Beneficiary

Movies, News

Reed Hastings, Netflix co-founder and executive chairman, has given 2 million shares of the streaming company — currently worth about $1.1 billion — to an unnamed entity, according to a regulatory filing.

Hastings on Jan. 24 disposed of 2 million Netflix shares, which were given as a gift to an unidentified entity, per an SEC filing. The transaction code on the statement of change in beneficial ownership was marked “G,” indicating a “bona fide gift,” per the SEC. The recipient of the shares was not disclosed.

Through his family trust, Hastings still owns 2.99 million Netflix shares, which are worth about $1.72 billion, in addition to several million stock options. Prior to the recent stock transaction, Hastings had an estimated net worth of about $5.4 billion, mostly tied to his holdings in Netflix stock and options, according to Forbes.

Hastings became executive chairman of Netflix in 2023, stepping down as CEO one year ago after serving in the role for 25 years. Currently, Ted Sarandos and Greg Peters serve as co-CEOs of the streaming giant.

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.

Source

Leave a Reply