Netflix cofounder Reed Hastings just gave stock worth $1.1 billion to a Silicon Valley charity

• Netflix cofounder and executive chairman Reed Hastings gave away 40% of his stake in the streaming giant.
• He donated the holding, worth about $1.1 billion, to the Silicon Valley Community Foundation.
• The charity is favored by the elite of Silicon Valley including Mark Zuckerberg. 

Reed Hastings, the cofounder and executive chairman of Netflix, has given away 2 million shares in the streaming platform.

The stake is worth about $1.1 billion and were given to an unidentified entity, per a regulatory filing on Friday.