Scholarship News

Netflix, Facebook Founders to Dole Out Billions for Education Reform


January 14, 2016
by Susan Dutca-Lovell

New year, new initiatives; funded by big name billionaires. Many college students may spend time perusing Facebook or enjoying popular hit series on Netflix such as House of Cards or Orange is the New Black, but the big dogs who founded these entertainment mediums are coming out with greater initiatives: focusing to improve education.

New year, new initiatives; funded by big name billionaires. Many college students may spend time perusing Facebook or enjoying popular hit series on Netflix such as House of Cards or Orange is the New Black, but the big dogs who founded these entertainment mediums are coming out with greater initiatives: focusing to improve education.

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The phrase "the more you have, the more you want" never resonated well with 31-year-old billionaire and Facebook CEO Mark Zuckerberg, and Netflix Cofounder and CEO Reed Hastings isn't a big fan of school boards. What do these big shot billionaires share in common? A strategic plan to invest big money in the nation's future education.

Netflix and...Education

Most people are more familiar with the name Netflix than they are that of the man behind it, Reed Hastings - but that could be about to change. Hastings recently took to Facebook to announce a $100,000,000 philanthropic endeavor: the Hastings Fund. The fund will focus on children's education, as reported by Senior Writer Ben Fox Rubin from CNET News. Hastings has served as President of the Technology Network, served on the California Board of Education for four years, donated $1 million to Proposition 39, and much more. In addition, he has also been part of other academies and programs dedicated to developing teaching videos, with a primary concern of growing high-quality charter schools and developing technology that could transform education. He admits he was never "good at following orders," and volunteered for the Peace Corps. in Swaziland, foregoing the opportunity to "buy yachts" in favor of improving K-12 education and trying to "figure out why our education is lagging when technology is increasing at great rates..." Offering a long-term solution would come from expanding charter schools was his intention while attending Stanford. Netflix got in the way, and Hastings never graduated from Stanford, but his education initiatives and dreams lived on. CNET News reports The Hasting Funds' first two gifts will be given to the United Negro College Fund and to the Hispanic Foundation of Silicon Valley, a "total of $1.5 million to support the education of black and Latino college education." Forbes estimates Hasting's net worth surpasses $1 billion, including $900 million in Netflix stock and options.

Facebook CEO Giving $45 billion for Education

Inspired by the birth of their daughter, Max, Facebook CEO Mark Zuckerberg and his wife Priscilla Chan announced a new initiative to dole out 99% of their Facebook shares - valued at $45 billion - throughout their lifetime to the Chan Zuckerberg Initiative. The world's largest social media CEO intends to "improve this world for the next generation," according to Zuckerberg. Furthermore, he claims the mission to change the world is a "basic moral responsibility to tilt our investments." Primary areas of focus will be on personalized learning, curing disease, connecting people and building strong communities, according to the couple's open letter to their newborn daughter, Maxima.

The organization would be a limited liability company (LLC) as opposed to a traditional philanthropic organization. Though inspired by the $41 billion Bill and Melinda Gates Foundation, it differs in that the Gates Foundation is structured as a tax-exempt, non-profit foundation and charitable trust, and is a 501 (3)(c). The Gates Foundation is not only well-known for its profits but for its efforts battling global poverty, the spread of deadly curable diseases, and improving education overall. Though Zuckerberg has a different philanthropic approach from the Gates Foundation, Gates commented that, "As for your decision to give back so generously, and to deepen your commitment now, the first word that comes to mind is: Wow. The example you're setting today is an inspiration to us and the world."

There has been skepticism and criticism in Zuckerberg's choice of structure, as it could potentially maneuver around legal structures and tax strategies. In response to criticism, he claims "The beauty of having an LLC in today's world is No.1, you have the ability to act and react as nimbly as need be to create change." Zuckerberg, for example, would be able to make political donations and is not required to give 5 percent of its value annually. Regardless of how the funds are allocated, the couple's focus is to gradually seek long-term solutions as opposed to pouring all money into one issue, as evidenced by Zuckerberg in his letter to his daughter;" We must make long-term investments over 25, 50, or even 100 years...the greatest challenges require very long time horizons and cannot be solved by short-term thinking."

Do you support or oppose this initiative by top CEO's when it comes to education? Leave us your thoughtful comments below.

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Nicolette S.  on  2/1/2016 8:32:54 AM commented:

I think this is really cool that this billionaires are doing this. This money that they are giving to students for school is really going to help them especially student who are low income and have kid(s) and are barely making it each month. So thank you billionaires.

Lavar S  on  1/30/2016 10:06:44 AM commented:

I look at this as such a great opportunity I just hope as an international student I would be able to benefit. I'm the only child in my family to ever go abroad to study and it's been a little hard on them especially being a child of three. My older brother didn't go to college but it's my goal to be the one that does, I've tried my best in school to keep and maintain good grades now all that's left is for me to be blessed enough to receive a scholarship. This is an amazing effort to further education from Mr. Zuckerberg and Mr. Hasting.

Biology  on  1/29/2016 8:52:23 AM commented:

my name is prefuciouz loui z am Tanzania am steal studiyng but because of the life my family is passing through it gives me hard time perhaps i will get scholarship it would help me to achieve my goals hope i get help.

Brenda W  on  1/27/2016 1:02:54 AM commented:

I am almost finish but ran put or student loans need money to finish up my last year, please help someone. I am a dislocated worker and need my degree to get a better job to care for my family l

Eugene White  on  1/25/2016 8:05:20 PM commented:

My parents never had the opportunity to go to college and they both are very hard working people but can only help me with tuition a little I really want to try to get scholarships so my parents don't have to worry or feel bad.

gbby zavala  on  1/22/2016 9:58:46 PM commented:

Well I need help to keep on going in my studys. I hope I get a scholarship that will help Me become a doctor or at least a RAN. That's my childhood dream to become a doctor ??.

sudhir k  on  1/21/2016 10:49:19 PM commented:

I m from Bihar, India. I m looking for aid for my studies. I m a poorman somehow completed my schooling. I want go for higher study, but struggling financially. I tried 2-3times. But I don't know how to get it. You post Ad of so much money if anyone can support me, I would be grateful, I want go for specifically theological seminary Contact if anyone is willing: sudhirjandaha@gmail.com

Jessica C.  on  1/21/2016 10:45:43 PM commented:

It is a great idea.

Andreas R  on  1/21/2016 11:32:30 AM commented:

The ratio of a child being born with Autism is now 1 in 63. I would like to see more scholarships to help those with mild Asperger Syndrome. They can be successful if people take an interest. I am one of those and I wish there were more people interested in helping us with college. I am going but need scholarships to offset the financial burden.

Ezekiel Seiso  on  1/21/2016 11:31:09 AM commented:

It is a great idea and is powerful.

Margaret B  on  1/19/2016 8:12:49 PM commented:

Sadly so many scholarships are for minority and low income. What about the middle income folks who are in need of money too? We don't qualify for aid because we make too much.

Kirill Neko  on  1/19/2016 6:02:21 PM commented:

Oh, and all of them support Common Core.... I wonder why is that?

Lakeshia G  on  1/19/2016 4:24:34 PM commented:

This is the best opportunity I ever heard. I spend a lot of time on Facebook myself. In to log in to find out that they giving away scholarshipss is really a good idea. That will make a lot of children stay in school.

joe wj  on  1/18/2016 5:35:00 AM commented:

Nice sponsoring this program! I would like to be one opportunist.

John  on  1/17/2016 2:23:58 AM commented:

I support it

Alison m  on  1/15/2016 6:38:09 PM commented:

Thought that this was aswome to hear. Alot of people use Facebook and netfilx and now they are returning to people what they make not many company's do that especially big company's like these...

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