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?
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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
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.
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.
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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.
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.
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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.
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.
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