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Reed Hastings donates $1.1 billion of his Netflix shares to charity.

The co-founder donated two million shares (about 40 percent of his direct holdings) to Silicon Valley Community Foundation. The Wall Street Journal notes that the charity is popular with tech founders with over $10 billion in assets at the close of 2022. Donors see an immediate tax benefit (like avoiding payment of capital-gains tax) but funds can ultimately “sit for years” before being distributed.