In total, 63-year-old Hastings donated approximately 2 million shares of Netflix to the foundation. He has donated money before in the past; to charities related to education. In 2020, he and his wife gave another 120 million dollars (110 million euros) to support universities for black people.
Hastings has also signed the so-called ‘Giving Pledge’, in which wealthy people pledge to give away most of their fortune to charity.
The Silicon Valley Community Foundation was founded in 2007 to raise money from the technology sector. California’s Silicon Valley is known for its major chip and tech companies. In 2012, CEO Mark Zuckerberg of Facebook parent Meta, together with his wife, donated 500 million dollars (462 million euros) in shares to the foundation. In 2022, the institution would have donated a total of almost 2.6 billion dollars (2.4 billion euros) to charities.