Netflix CEO on Losing Billionaire Status
The once dominant streaming platform Netflix is beginning to show some cracks in its armor.
After a subscriber boom driven by COVID-19 and years of cultural dominance on the streaming scene, Netflix recently reported a shocking net LOSS in subscribers.
Hastings owns 5.2 million shares of Netflix. Netflix stock actually began sinking before this week's news.
At the beginning of April, Netflix stock was valued at around $400 a share. At $400 a share Hastings' stake was worth a still formidable $2 billion.
As of this writing, it's down to $217 per share, with most of that cratering happening in the 24 hours following the company's troubling subscriber report.
At $217 per share, Reed's fortune has crept down to $1.1 billion. Netflix is going through a turbulent period right now.