Netflix Founder Sells Part of Shares This Year to Secure 680 Billion KRW in Cash

Reed Hastings, Founder and CEO of Netflix [Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Reed Hastings, founder and CEO of Netflix, secured $616 million (approximately 681 billion KRW) in cash this year by selling part of his shares, Bloomberg reported on the 23rd (local time).

According to the report, CEO Hastings recently sold $225 million worth of shares, bringing his total stock sales this year to $616 million. Bloomberg noted that this amount is equivalent to the annual service fees of 4.7 million Netflix subscribers.

With Netflix's stock price rising more than 60% this year, CEO Hastings' wealth increased by about $2.2 billion. His total net worth is currently $6.4 billion, ranking 120th in the United States on Bloomberg's billionaire index.

Meanwhile, Anthony Wood, a former Netflix employee who founded the streaming device (set-top box) company Roku, also secured $200 million in cash this year through stock sales, Bloomberg added. Wood's net worth has increased to about $7 billion, boosted by Roku's stock price rising 165% this year.

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