Netflix CEO donates $30 million to coronavirus vaccine development

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FILE – In this Feb. 28, 2017, file photo, Netflix Founder and CEO Reed Hastings smiles during an interview in Barcelona, Spain. Hastings was the seventh-highest paid CEO at big U.S. companies for 2018, as calculated by The Associated Press and Equilar, an executive data firm. He made $36.1 million. (AP Photo/Manu Fernandez, File)

(CNN) — The CEO of Netflix has donated $30 million toward the research for a coronavirus vaccine. According to Variety, Reed Hastings and his wife, Patty Quillin, gave the money to Gavi the Vaccine Alliance, a nonprofit immunization organization founded by the Bill Gates Foundation.

The funds will reportedly be spent on speeding up the COVID-19 vaccine development and help with distributing once it is available.

Gavi’s goal is to raise $7.4 billion for the cause.

The nonprofit wants to immunize 300 million children over the next five years.

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