Netflix's Reed Hastings Unveils $100m Philanthropic Fund

Netflix CEO Reed Hastings has announced that he is funding a new philanthropic fund called the Hastings Fund. This will be a $100 million effort targeted at education through the Silicon Valley Community Foundation, he said. A couple of recipients have already been announced, as has the fund's CEO: Neerav Kingsland. The Hastings Fund, among other things, plans "to partner with communities."

Hastings made the announcement on his Facebook page this evening, saying that the first pair of gifts will be going to the Hispanic Foundation of Silicon Valley and the United Negro College Fund. Combined, these gifts will total $1.5 million.

The funds will be donated under Kingsland's lead and will go toward kids' education in various ways. According to the fund's website, the philanthropic effort wants to get students access to educational experiences described as "holistic" and "rich." The fund hasn't specified who may be next in line to get grants.

In a statement, Hastings said: "I'm so blessed to be able to do this, and I hope to do more in the future. Thanks to all of you who are Netflix members or employees for making this possible."

SOURCE: Facebook