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Netflix co-founder and executive chairman Reed Hastings transferred 2 million shares of the streaming company, currently worth about $1.1 billion, to an unnamed entity, according to a regulatory filing.
On January 24, Mr. Hastings disposed of 2 million shares of Netflix stock that had been gifted to an unidentified entity, according to an SEC filing. According to the SEC, the transaction code on the beneficial ownership change statement was marked with a “G” for “bona fide gift.” The recipient of the shares has not been disclosed.
Mr. Hastings still owns 2.99 million shares of Netflix stock, worth about $1.72 billion, in addition to millions of stock options through a family trust. Before the recent stock trade, Mr. Hastings’ net worth was estimated at about $5.4 billion, most of which is tied to his holdings in Netflix stock and options, according to Forbes magazine.
Hastings will become Netflix’s executive chairman in 2023, having stepped down as CEO a year ago after 25 years. Ted Sarandos and Greg Peters currently serve as co-CEOs of the streaming giant.
Hastings has a long track record as an education philanthropist. In 2020, Hastings and his wife Patti Quillin donated $120 million to Spelman College, Morehouse College, and the United Negro Colleges Fund for scholarships at historically black colleges and universities. Last year, Mr. Hastings donated $20 million to Minerva University, known as a next-generation higher education institution. Hastings and Quillin also donated $10 million to Tougaloo College, an HBCU in Mississippi, to support the KIPP Foundation, which operates a national network of tuition-free charter schools serving low-income communities of color. ing.
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