December 23, 2020
Christmas came early to Netflix co-founder/co-CEO Reed Hastings. The executive face of the subscription streaming video pioneer sold $225 million in stock options, according to a Dec. 22 regulatory filing. Hastings, who owns $2.6 billion in Netflix stock, sold $103 million worth of stock options in November. He sold another 83,000 shares on Dec. 8. In 2020, Hastings, who relinquished half of his CEO title to CCO Ted Sarandos, has sold $616 million in stock.
Bloomberg reported that 60-year-old Hastings increased his wealth by $2.2 billion in 2020, to $6.4 billion, making him the 120th richest person in the country. The increase was in part due to a 63% increase in the stock’s price, and the addition of more than 28 million subscribers. Netflix ended its most-recent fiscal period with 195 million subs worldwide.
Interestingly, Roku founder Anthony Wood, a former Netflix executive who helped launch the SVOD market in 2007 with a branded Netflix streaming player, saw his personal wealth reach $7 billion in 2020, due to the company’s stock skyrocketing 165% this year.
Hastings’ sell-off mirrors other Netflix corporate executives looking to exercise stock options before the end of the fiscal year for tax purposes. Interestingly, Sarandos has mostly acquired shares of the streamer in recent months. Netflix has a market capitalization approaching $230 billion.