In a notable act of philanthropy, Reed Hastings, co-founder of streaming behemoth Netflix Inc (NASDAQ:NFLX), has gifted $1.1 billion worth of his Netflix holdings to the Silicon Valley Community Foundation, a charity beloved by tech magnates.
What Happened: The generous donation represents around 40% of Hastings’ direct ownership in Netflix. The company’s stock recently saw a significant uptick following a strong earnings report. This move continues Hastings’ legacy of philanthropic endeavors, particularly in education and support for historically Black colleges, as reported by the Wall Street Journal.
The Silicon Valley Community Foundation, founded in 2007, provides donor-advised funds that allow individuals to designate a portion of their wealth for specific charitable causes. These donors receive immediate tax benefits and a higher degree of privacy than some other forms of philanthropy.
Despite their appeal, donor-advised funds have been criticized for allowing the donated money to remain idle ...