Netflix CEO Reed Hastings net worth, salary, and how he spends his wealth

Netflix CEO Reed Hastings net worth, salary, and how he spends his wealth

Reed Hastings is the co-founder and CEO of Netflix, a video-streaming service that offers TV series and films. He owns around 1 per cent of Netflix, which went public in 2002. In 1995, Hastings and Marc Randolph, a former Pure Software employee, co-founded Netflix. So how did Reed Hastings make his money?

what is reed hastings' net worth
Netflix CEO Reed Hastings delivers a keynote address at CES 2016 at The Venetian Las Vegas on January 6, 2016, in Las Vegas, Nevada. Photo: Ethan Miller
Source: Getty Images

Rееd Наѕtіngѕ, who is the CEO of Netflix, іѕ а wеll-knоwn еntrерrеnеur frоm Аmеrіса. He іѕ а рhіlаnthrоріѕt аnd ѕеrvеѕ оn thе bоаrd оf ѕеvеrаl nоn-рrоfіt оrgаnіzаtіоnѕ. The businessman іѕ аn аdvосаtе fоr еduсаtіоn аnd wаѕ thе mеmbеr оf thе Саlіfоrnіа Ѕtаtе Воаrd of Еduсаtіоn. What is the net worth of Reed Hastings?

Who is Reed Hastings?

Wilmot Reed Hastings Jr. is an American businessman who co-owns Netflix. He was born in Boston, Massachusetts, on October 8, 1960. He is 60 years old and will celebrate his 61st birthday on October 8, 2021.

Reed Hastings' net worth in 2021

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Is Reed Hastings a billionaire? Yes, as Netflix's stock soared in 2014, so did his earnings. As a result, he became a billionaire and joined the Forbes 400 list of America's wealthiest people in 2017. So, what is reed hastings net worth? According to Forbes, his fortune is estimated to be $5.3B in 2021.

How did Reed Hastings make his money?

The businessman got his riches through investments. In October 1991, Hastings co-founded Pure Software together with partners Raymond Peck and Mark Box. Pure Software went public in August 1995 with the help of Morgan Stanley, an American multinational investment bank.

In August 1996, Pure Software merged with Atria Software Inc. to form Pure Atria Corporation.

One year later, Pure Atria Corporation was sold to Rational Software for $750 million.

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The money gave Reed the financial power to start Netflix. Also, he came up with the idea after having a bad experience with a regular movie rental company that charged him a $40 late fee for Apollo 13.

Hastings went ahead and co-founded Netflix with entrepreneur Marc Randolph in 1997. The company's success was instant, and it received 239,000 subscribers in its first year alone.

Reed Hastings
Co-founder and CEO of Netflix Reed Hastings attends a red carpet for the Netflix launch at Palazzo Del Ghiaccio on October 22, 2015, in Milan, Italy. Photo: Jacopo Raule
Source: Getty Images

How much does Reed Hastings make a year?

As of 2021, the CEO earns a base income of $650,000, plus $34 million in annual stock options. In 2020, Netflix saw its stock rise during the pandemic due to an increase in subscriber base.

Companies across the media and entertainment industries furloughed and laid off employees, and several businesses shrivelled, but none of that happened at Netflix.

What does Reed Hastings own?

Since June 2011, Reed has served as the director of Facebook. He allegedly owns approximately $10 million worth of Facebook shares as of September 2016. The businessman announced his departure from Facebook's board of directors in May 2019. Hastings also served on the Microsoft board of directors from 2007 until 2012.

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How much does Reed Hastings own of Netflix?

If you were wondering what Reed Hastings' net worth in Netflix is, then look no further. His ownership of the streaming giant stands at around one per cent.

Reed Hastings' small net worth in Netflix is a major contributor to his overall fortune.

How does Reed Hastings spend his money?

The CEO devotes his riches to philanthropy, primarily in the field of education. In the year 2020, he gifted $120 million to an education scholarship fund for African-African students. The donation was equally split among the United Negro College Fund, Morehouse College, and Spelman College.

Reed Hastings
CEO of Netflix, Reed Hastings participates in a panel discussion at the New York Times 2015 DealBook Conference at the Whitney Museum of American Art on November 3, 2015. Photo: Neilson Barnard
Source: Getty Images

Hastings also contributed $1 million to a proposal in Santa Cruz County to establish new charter schools in 2006.

The businessman also enjoys the finer things in life, he spends his money on vehicles, and he is currently driving a Tesla.

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Reed Hastings has, indeed, transformed the entertainment sector. The development of streaming services such as Netflix has made it easier to view movies and programmes. He has made a tidy profit from his project and has put his money into other businesses.

READ ALSO: Matthew Perry net worth: Is he the richest among Friends cast

Yen.com.gh recently covered Matthew Perry's net worth. Matthew is best known for his role on the NBC comedy Friends as Chandler Bing. The star has had a long and successful career spanning 31 years.

Did you know he has been in over 40 television episodes and 16 films? Over the course of his successful career, how much money has he amassed? Take a look at it.

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