Netflix boss sells $230m of shares
December 23, 2020
By Chris Forrester
Netflix co-CEO Reed Hastings has sold almost a quarter-billion’s worth of shares.
Hastings sold $230.6 million’s (€189m) worth of shares in Netflix (437,311 shares) on December 21st at an average price of $527.26 per share, a fraction below their $527.22 value on December 22nd. Hastings released the data on December 22nd. Most of the shares were in the form of vested stock options.
The sale follows on from another sale back on November 23rd when he disposed of 213,346 shares at the price of $482.51 per share and realising $102.9 million.
Hastings, who is also a director of Facebook and Microsoft, is still sitting on some $2.6 billion of Netflix stock.
The share manifest also shows that Eutelsat boss Rodolphe Belmer, who sits on the Netflix main board of directors sold 2,136 shares on October 29th at $488.52 per share and worth a useful $1.04 million. Had he sold on December 22nd, then Belmer would have made another $83,000.
Other senior Netflix staffers, including Ted Sarandos (on October 1st), have also sold stock. Frequently these shares are vested stock options and the periods for any director to sell (or buy) is limited by stock exchange rules.