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

Reed Hastings has given 2 million shares of Netflix -- currently worth about $1.1 billion -- to an unnamed entity.

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. The transaction code on the statement of change in beneficial ownership was marked “G,” indicated a “bona fide gift,” per the SEC. 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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