Netflix, Inc. (NASDAQ:NFLX) has most likely shot up in terms of consumer respect, as their CEO, Reed Hastings, has followed in Warren Buffett and Bill Gates’ footsteps, by promising to donate half of his family’s wealth to charity. He will be accomplishing this move through the Giving Pledge, and initiative founded by the Gates family and Buffett 2 years ago.
There are now 11 families in who have signed the Giving Pledge this month. Including Reed Hastings and his wife, Patty Quillin, there are now 92 families who have pledged to give back part of their income to help those in need.
This amazing program does not require the families to donate to specific charities, nor does it tell them how they must accomplish their goal. Hastings and his wife are reportedly very active in educational philanthropy and politics. According to Money.CNN.com, they seem to focus on charter schools above all other organizations. This would make sense, as Hastings served as president of the California State Board of Education from 2000 until 2004.
Since the financial crisis, Warren Buffett's Berkshire Hathaway has had significant exposure to financial stocks in its portfolio. Q1 2021 hedge fund letters, conferences and more At the end of March this year, Bank of America accounted for nearly 15% of the conglomerate's vast equity portfolio. Until very recently, Wells Fargo was also a prominent Read More
Joris Evers, a spokesman for Netflix, refused to make any remarks on Hastings giving to specific charities. He said, “We actually keep charitable giving and other activities that are not related to work, separate here at Netflix, Inc. (NASDAQ:NFLX).” Although, he did confirm that Hastings had an interest in education.
Although Hastings has become very wealthy in the Silicone Valley, he is actually a monetary midget, when compared with those other names on the Giving Pledge list. The Giving Pledge is very straightforward in its statement of being aimed at billionaire benefactors, and Hastings is a far cry from meeting those criteria. Or, at least, as far as anyone knows, he is. His public stock holdings rank only in the multi-million dollar range. But, hey, who’s to say that one must be extremely wealthy to help the less fortunate? I say kudos to you Mr. Reed Hastings, and thank you for giving back to our nation.