Netflix’s Hastings a billionaire
June 10, 2014
Hastings started Netflix with Marc Randolph in 1997 and saw the company through its IPO in 2002. Hastings is also a board member at Facebook and spent five years on the board at Microsoft.
During his tenure at Netflix, the company has evolved from a DVD subscription service to digital streaming. The stock took a hit in 2011 when the company temporarily changed its pricing, trading as low as $63. Since early 2013, Netflix shares have rebounded, surpassing $400 for the first time this year.
Hastings has signed “The Giving Pledge,” meaning that over half his fortune will be donated to charity. Other billionaires on the list include Bill Gates and Michael Bloomberg.
Meanwhile, Netflix shareholders have this week rejected a resolution that would have split apart the company’s CEO and chairman functions, preserving Hastings’ position in both roles.