Are you a monthly Netflix subscriber? Then Reed Hastings, Netflix CEO, owes you a big thank you. Hastings, co-founder of the popular streaming service, has just become the newest member of the billionaire club. Hastings owes this success to the 48 million subscribers spanning 40 countries for his success. Reed officially broke the billionaire ceiling earlier this year, when Netflix shares breached the $400 barrier.
According to Forbes, the majority of Hasting’s wealth is tied up in Netflix stock and options currently valued at $900 million. Forbes columnist, Brian Solomon, explained, “His total estimated net worth surpasses $1 billion when you factor in his other assets, including about $120 million in post-tax profits from stock sales over the last 5 years.” And despite the fact that he is now a billionaire, Hasting’s has always been a man of the people.
Reed is an amendment supporter of net neutrality. He is outspokenly against Comcast’s proposed buy out of Time Warner Cable. Hastings also voiced his displeasure with Verizon over its video playback speed. However, he is soon to face a vote at the next shareholders meeting, where shareholders will vote to separate the positions of CEO and chairman. Reed occupies both seats.
Many investors began losing faith in Hastings in 2011 when he announced that Netflix’s streaming and DVD services would be split into two separate services. The stock took a hit of a 75% decrease in value by the end of that year. But since that time it seems that Hastings has been making all the right moves. Thanks to original programing such as “Orange is the New Black” and “House of Cards,” Netflix stock as risen 300% since last year. Netflix has been on a roller coaster ride the past few years, but it seems Hastings has finally steered the streaming service toward a bright horizon.
Photo: Forbes
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