Netflix CEO Reed Hastings speaking in 2016. Photo: Andrej Sokolow/picture alliance via Getty Images

Netflix CEO Reed Hastings and his wife Patty Quillin announced Wednesday they are donating $120 million to the United Negro College Fund, Spelman College and Morehouse College.

Why it matters: It's the largest recorded individual gift to support scholarships at historically black colleges and universities (HBCUs), which Reed and Quillin hope will encourage other wealthy individuals to make donations as well.

What they're saying: “HBCUs have a tremendous record, yet are disadvantaged when it comes to giving," Hasting and Quillin said in a statement. "Generally, white capital flows to predominantly white institutions, perpetuating capital isolation.”

  • "We hope this additional $120 million donation will help more black students follow their dreams and also encourage more people to support these institutions — helping to reverse generations of inequity in our country."

The big picture: Unlike Ivy League colleges, HBCUs have comparatively small endowments and tend to receive most of their largest educational donations from alumni.

  • The donation comes in the midst of economic upheaval set off by the coronavirus pandemic, which has had an especially damaging effect on colleges and universities as high school graduates postpone pursuing higher education.

Go deeper: HBCUs are missing from the discussion on venture capital's diversity

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Updated 1 hour ago - Politics & Policy

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Illustration: Sarah Grillo/Axios

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  2. U.S.: Total confirmed cases as of 12 p.m. ET: 3,269,531 — Total deaths: 134,898 — Total recoveries: 995,576 — Total tested: 39,553,395Map.
  3. Politics: Trump wears face mask in public for first time.
  4. States: Florida smashes single-day record for new coronavirus cases with over 15,000.
  5. Public health: Trump's coronavirus testing czar says lockdowns in hotspots "should be on the table" — We're losing the war on the coronavirus.
  6. Education: Betsy DeVos says schools that don't reopen shouldn't get federal funds — Pelosi accuses Trump of "messing with the health of our children."
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Florida smashes single-day record for new coronavirus cases

Data: Covid Tracking Project; Chart: Axios Visuals

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The big picture: The figure shatters both Florida's previous record of 11,458 new cases and the single-state record of 11,694 set by California last week, according to AP. It also surpasses New York's daily peak of 11,571 new cases in April, and comes just a day after Disney World reopened in Orlando.

Pelosi: Trump is "messing with the health of our children" with push to open schools

House Speaker Nancy Pelosi said on CNN's "State of the Union" Sunday that Education Secretary Betsy DeVos' aggressive push to fully reopen schools this fall is "malfeasance and dereliction of duty," accusing the Trump administration of "messing with the health of our children."

Why it matters: Trump has demanded that schools reopen as part of his efforts to juice the economy by allowing parents to return to work, despite caution from health officials that little is known about how the virus impacts children.