Netflix CEO pounces, buys $20 million in shares as price flounders
What you need to know
- Netflix's Reed Hastings has reportedly bought $20 million in shares in the company.
- Shares in Netflix have taken a tumble following the announcement of subscriber growth numbers.
- Netflix shares have fallen from $612 to just over $384 this weekend.
Netflix co-CEO and co-founder Reed Hastings has reportedly bought $20 million in shares at a time where the company has seen its price stutter.
With Netflix currently reeling from the response to recent subscriber growth figures, it has also seen its share price tumble. Despite beginning this month at more than $612, shares in Netflix fell as far as $384 this weekend. Hastings bagged his new shares at between $379 and $394 a piece, according to a new report by The Hollywood Reporter.
The purchase, made via a trust that Hastings controls, wasn't the only one of note. Hedge fund executive Bill Ackman bought more than $1 billion in shares earlier in the week.
While the obvious thought is that Hastings is picking up shares while they're going for a song, that only works out if he's also confident in the price's ability to bounce back. Hastings would likely know better than most where Netflix and its financials stand. Despite stiff competition from the likes of Disney + and the growing content library of Apple TV+, Netflix is still the go-to destination for people looking for great TV shows, movies, and documentaries. The company's recent expansion into games could also prove to be inspired, too.
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Oliver Haslam has written about Apple and the wider technology business for more than a decade with bylines on How-To Geek, PC Mag, iDownloadBlog, and many more. He has also been published in print for Macworld, including cover stories. At iMore, Oliver is involved in daily news coverage and, not being short of opinions, has been known to 'explain' those thoughts in more detail, too.
Having grown up using PCs and spending far too much money on graphics card and flashy RAM, Oliver switched to the Mac with a G5 iMac and hasn't looked back. Since then he's seen the growth of the smartphone world, backed by iPhone, and new product categories come and go. Current expertise includes iOS, macOS, streaming services, and pretty much anything that has a battery or plugs into a wall. Oliver also covers mobile gaming for iMore, with Apple Arcade a particular focus. He's been gaming since the Atari 2600 days and still struggles to comprehend the fact he can play console quality titles on his pocket computer.