Netflix's Reed Hastings, Instagram's Kevin Systrom, and others join billionaire investor Ray Dalio for massive charity giveaway

• Top business executives and leaders are joining famed investor Ray Dalio to fund a massive charity giveaway coming sometime this week.
• The leaders include Netflix CEO Reed Hastings, Instagram co-founder Kevin Systrom, media mogul and Thrive Global founder Arianna Huffington, and author and podcaster Jay Shetty.
• Last week, Dalio gave away 10,000 "charity gift cards," each worth $100, that anyone could claim and donate. They were all claimed within two hours.
• Dalio said in a statement he wants to encourage people to rethink gifting, to donate more to charities in a time of economic need rather than purchase "useless material stuff."

Last week, Ray Dalio, investor and founder of the world's largest hedge fund Bridgewater Associates, gave away 10,000 "charity gift cards" each worth $100. Anyone could claim a gift card and donate it to their charity of choice.

All 10,000 gift cards were claimed within two hours, a sign of the massive need many nonprofits find themselves in due to the coronavirus pandemic's economic downturn.

Now, other leaders in the business community are joining Dalio in his effort to fund another round of giveaways. The list of leaders include Netflix CEO Reed Hastings, Instagram co-founder Kevin Systrom, media mogul and Thrive Global founder Arianna Huffington, and author and podcaster Jay Shetty.

"I was so happy that so many people signed up, but felt terrible that others were closed out," Dalio said in a social media post.

The number of gift cards to be made available in this upcoming round has yet to be determined, per a spokesperson for Dalio. The new gift card launch is expected this week.

For the famed investor, the initiative is a chance to rethink holiday gifting amid a time of dire need. Dalio has previously spoken about inequality in America, saying in an April interview that America's jarring inequality is a "national emergency" that is threatening capitalism.

"Imagine the impact we could have if people started giving each other the ability to donate to their favorite charities rather than giving them useless material stuff," Dalio said in a statement.