Netflix Chief Starts $100 Million Education Fund

Netflix Chief Starts $100 Million Education Fund

Netflix CEO Reed Hastings

Image credit: Robyn Beck | AFP | Getty Images

Netflix CEO Reed Hastings may plan to make a lot of money in the near future, but he's also bent on giving some of that money away, too. He's starting up the Hastings Fund, a $100 million money pool that will contribute to education.

While the first donations are modest ($1.5 million for the United Negro College Fund and Hispanic Foundation of Silicon Valley), there's talk of more -- and establishing the fund shows this won't be the end of his philanthropic efforts.

If you know Hastings' history, this gesture isn't totally surprising. He was the president of California's State Board of Education for four years, and he worked in the Peace Corps during the 1980s.

In 2012 he and his wife Patty Quillin committed to the Giving Pledge (PDF), promising a majority of their assets would be used for philanthropy. In that sense, Hastings is returning to his roots -- he just has a lot of cash on hand this time around.

I’m thrilled to announce that I’m funding a new $100m philanthropic fund for education, creatively named the Hastings...

Posted by Reed Hastings on Tuesday, January 12, 2016