Reed Hastings, Netflix's co-founder, and his wife, Patty Quillin, donated $120 million to the United Negro College Fund, Spelman College and Morehouse College. It was the largest-ever individual gift for scholarships at historically black U.S. colleges. https://t.co/uvzFWTjNhA— The New York Times (@nytimes) June 17, 2020
• This is is the largest ever individual gift to HBCUs.
• Reed Hastings said he hoped his contribution would lead other wealthy individuals to give to HBCUs. "Generally, white capital flows to predominantly white institutions, perpetuating capital isolation," he and Ms. Quillin said in a statement announcing the donation. Mr. Hastings is worth $5.3 billion, according to Bloomberg.
• For comparison, most Ivy League schools have endowments in the tens of billions (Harvard's is $40 billion), while the top HBCUs have endowments that are in the hundreds of millions of dollars.