Reed Hastings, Netflix Co-Founder, Sells $1.1 Billion in Shares, Makes Significant Gift

Philanthropic Move Raises Questions About Beneficiary as Hastings Shifts Holdings

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Reed Hastings, co-founder and executive chairman of Netflix, has sold two million shares of his Netflix holdings in a notable philanthropic move. The value of the gift is estimated to be over $1.1 billion, constituting approximately 40% of Hastings’ direct holdings. The recipient of the shares remains undisclosed, prompting speculation about potential beneficiaries or the purpose behind the transfer.

Hastings, with a net worth of $6.6 billion according to the Bloomberg Billionaires Index, retains just under three million Netflix shares, valued at around $1.7 billion. While the regulatory filing does not reveal details about the recipient, Hastings has a history of philanthropic endeavors. In 2020, he pledged to donate $120 million to two historically Black colleges and universities and the United Negro College Fund.

The charitable nature of the gift raises questions about the possible establishment of a trust or contribution to multiple charities. The move has drawn attention as Hastings, with a long tenure at Netflix, continues to exercise options, having historically sold tranches, resulting in proceeds of around $2 billion.

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As executive chairman of Netflix, Hastings’ stock transactions do not necessitate disclosure of specific details, allowing for privacy in his financial dealings. The streaming giant’s shares have experienced a nearly 23% increase year-to-date, although they remain approximately 16% below their 2021 peak.