Reed Hastings is the co-CEO of Netflix. Unfortunately, Netflix is having a hard time these days. They missed the new subscriber’s target, their stocks tumbled and let alone his frustration with India.
Regardless, according to the sources from the Securities and Exchange Commission Hastings purchased about $20 Million on Friday.
Interestingly, the purchase was transacted through trust and not directly by Reed Hastings. But the CEO is in control of the trust.
All the problems started when Netflix reported that they slightly missed their new subscriber’s target in the last quarter.
Even though they increased the subscription prices in the USA and Canada they also received backlash.
In the earlier part of January, Netflix stocks were as high as $612 but now one can purchase it at only $384.
If Reed Hastings has made such a large purchase then quite obviously he is very sure about the prospect of the streaming giant.
Hastings is one of the biggest shareholders in Netflix. Earlier he possessed about 8% of the share and now it is just going to increase.
When such a big demand is created in the stock market then it usually results in a short term hike. Since a lot of people became uninterested in purchasing the stocks, the Netflix family took the lead.
However, making better content is always the most preferable choice but it will be interesting to see what this new step does.
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