Reed Hastings (Shutterstock image)
Reed Hastings Sells $1.1 Billion Worth of Netflix Stock
January 30, 2024
Netflix co-founder and executive chairman Reed Hastings has disposed of 2 million shares, or 40% of his ownership stake, worth a current value of $1.1 billion, according to a regulatory filing.
No explanation was given for the transaction, with media reports suggesting the move was a gift to an unknown beneficiary from the Hastings-Quillin Family Trust. Patty Quillin, a reported documentary film producer and philanthropist, has been married to Hastings since 1991. Following the Jan. 24 filing, Hastings still owns more than 2.9 million Netflix shares worth $1.7 billion.
The 63-year Hastings, a longtime education activist, and his wife are no strangers to high-profile donations. In 2020, the couple donated a combined $120 million to the United Negro College Fund, Spelman College and Morehouse College in Georgia. In 2022, Hastings and Quillin gave $10 million to Tougaloo College in Mississippi.
Netflix has a market capitalization of more than $245 billion.
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