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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 to the Silicon Valley Community Foundation.
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. 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.
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