Reed Hastings, the co-founder and executive chairman of Netflix (NFLX), has sold $1.1 billion U.S. of company stock as the share price has risen following the streaming giant’s latest earnings report.
According to a regulatory filing, Hastings has gifted two million shares of his holdings in Netflix stock. It is not clear to whom the gift was made.
Hastings is known for his charitable giving. In 2020, he donated $120 million U.S. to several historically black universities and the United Negro College Fund.
Hastings currently has a net worth estimated at $6.6 billion U.S., according to the Bloomberg Billionaires Index.
After the latest sale, Hastings continues to hold just under three million shares of Netflix stock, which is currently valued at about $1.7 billion U.S.
The stock of Netflix has gained 23% so far in 2024 and currently trades at $575.79 U.S. per share. In the last 12 months, the stock has increased 63%.
Netflix’s share price got a boost in recent days after the company’s latest earnings report showed the company added 13 million net new subscribers in the fourth quarter of 2023, beating analyst forecasts of eight million additional subscribers.
