UPDATED: Reed Hastings, Netflix co-founder and govt chairman, has given 2 million shares of the streaming firm — at the moment price about $1.1 billion — to the .

Hastings on Jan. 24 disposed of two million Netflix shares, which got as a present to an unidentified entity, per an SEC submitting. The transaction code on the assertion of change in useful possession was marked “G,” indicating a “bona fide present,” per the SEC.

The recipient of the shares was not disclosed. In accordance with a supply conversant in the transaction, Hastings granted the two million shares to the Silicon Valley Group Basis, a charitable basis that claims it really works to “bridge crucial gaps and divisions to ship methods that cut back systemic inequities” within the Bay Space.

By his household belief, Hastings nonetheless owns 2.99 million Netflix shares, that are price about $1.72 billion, along with a number of million inventory choices. Previous to the latest inventory transaction, Hastings had an estimated internet price of about $6.6 billion, principally tied to his holdings in Netflix inventory and choices, in line with the Bloomberg Billionaires Index.

Hastings turned govt chairman of Netflix in 2023, stepping down as CEO one yr in the past after serving within the position for 25 years. At the moment, Ted Sarandos and Greg Peters function co-CEOs of the streaming large.

Hastings has a protracted observe file as an academic philanthropist. In 2020, Hastings and his spouse, Patty Quillin, gave $120 million to Spelman School, Morehouse School and the United Negro School Fund for scholarships to traditionally Black schools and universities. Final yr, Hastings donated $20 million to Minerva College, styled as a next-generation establishment of upper training. Hastings and Quillin additionally donated $10 million to Tougaloo School, an HBCU in Mississippi, and the couple have supported the KIPP Basis, which runs a nationwide community of tuition-free constitution colleges serving low-income communities of shade.