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Reed Hastings Snaps Up $20 Million in Netflix Stock

Netflix's Reed Hastings
(Image credit: re:publica/Gregor Fischer)

With Netflix stock tumbling 45% from nearly the $700-per-share price it stood at just three months ago, co-CEO Reed Hastings made a power move, paying $20 million to gobble up an additional 50,000 shares.

Also: Netflix Shocks -- Shocks! -- Investors by Forecasting Only 2.5 Million Customer Adds in Q1

The purchase was revealed in documents filed to the Securities Exchange Commission. 

Hastings' purchase was made on January 23-24, just a few days after a disclosure in Netflix's Q4 earnings report -- that subscriber growth will likely fall to around 2.5 million in the first quarter of 2022 -- sent Netflix investors running for the doors.

Also: Did Wall Street Just Give Up on the Streaming Wars?

Netflix share prices rebounded 10% on January 27, when hedge funder William Ackman purchased 3.1 million company shares, worth about $1 billion. 

Netflix share prices were trading at around $427 a share as of after-hours activity on the Nasdaq Monday. They had surpassed $690 a share back in October. ■

Daniel Frankel is the managing editor of Next TV, an internet publishing vertical focused on the business of video streaming. A Los Angeles-based writer and editor who has covered the media and technology industries for more than two decades, Daniel has worked on staff for publications including E! Online, Electronic Media, Mediaweek, Variety, paidContent and GigaOm. You can start living a healthier life with greater wealth and prosperity by following Daniel on Twitter today!