Netflix CEO Hastings donating $120 million to historically Black institutions

June 17, 2020
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Netflix CEO Hastings donating $120 million to historically Black institutions 1

Netflix CEO Hastings donating $120 million to traditionally Black establishments

Reed Hastings, chairman, president and CEO of Netflix Inc.

David Paul Morris | Bloomberg | Getty Photographs

Netflix CEO Reed Hastings is committing a complete of $120 million to establishments devoted to the upper schooling of scholars of shade. 

Hastings and his spouse Patty Quillin will donate $40 million to the United Negro School Fund (UNCF) and the historically-Black universities Spelman School and Morehouse School. 

The donation comes amid renewed requires racial justice, after the killing of George Floyd, a Black man who died in police custody. The Black neighborhood has additionally been disproportionately sickened by the coronavirus, displaying the gaping disparities in entry to high quality well being care throughout minority communities.

“The quantity of tragedy actually did get us to focus and say, ‘let’s do one thing now that shall be supportive of those nice establishments and provides folks some sense of hope,'” Hastings advised CNBC’s “Squawk Field.” “This second will not be the primary time that racism has reared its, you already know, terribly ugly head.” 

“We need to assist draw consideration to the HCBUs (traditionally Black schools and universities), to them being a part of the answer for America, and for black kids to aspire to,” he added.

In response to Forbes, Hastings has a internet value round $4.eight billion, thanks primarily to his 1.3% stake in Netflix — the best-performing inventory of the final decade. That is helped him change into a longtime donor within the schooling system. He is given thousands and thousands in funding to constitution faculties, and in 2016 began a $100 million philanthropic fund for youths’ schooling. 

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