Reed Hastings sells $1.1 billion in Netflix shares

Netflix founder and Co-CEO Reed Hastings speaks through the New York Times DealBook Summit in the Appel Room on the Jazz At Lincoln Center on November 30, 2022 in New York City. 

Michael M. Santiago | Getty Images

Netflix co-founder and govt chairman Reed Hastings has gifted two million shares of his holdings in the streaming large, in keeping with a regulatory filing, with a present worth of greater than $1.1 billion.

Hastings has a web value of $6.6 billion, in keeping with Bloomberg Billionaires Index, a good portion of which is Netflix inventory. The present, about 40% of Hastings’ direct holdings, was made to an undisclosed entity and disclosed in a regulatory submitting Friday.

“We do not know what it may very well be, whether or not it is a charity or a number of charities,” VerityData vp Ben Silverman instructed CNBC. “There’s all the time a chance that they are shifting the inventory some place else, for instance to a belief the place they do not have management or should not a beneficiary.”

Hastings has a number of philanthropic pursuits. In 2020, he introduced he would donate $120 million to 2 traditionally black schools and universities and the United Negro College Fund.

Hastings retains just below 3 million Netflix shares with a price of round $1.7 billion. Given his lengthy tenure at Netflix, he additionally has a number of tranches of choices that he has traditionally bought at a gradual clip, VerityData’s Silverman instructed CNBC. Those gross sales have netted him round $2 billion.

Though Hastings stays the manager chairman of Netflix, the corporate has no obligation to reveal the explanation behind the present or who’s the beneficiary. Netflix shares are up almost 23% year-to-date however are nonetheless round 16% beneath their 2021 excessive.

CNBC’s Lora Kolodny contributed to this report.

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