Reed Hastings Enjoys Bountiful Thanksgiving Week26 Nov, 2013 By: Erik Gruenwedel
Thanksgiving Day is celebrated primarily as a day of giving thanks for the blessing of the harvest and of the preceding year.
Netflix CEO Reed Hastings has a lot to be thankful for, especially since his well-publicized PR snafus of 2011 nearly tanked the rental service.
The multimillionaire Netflix co-founder Nov. 25 realized some of the SVOD pioneer’s “harvest” when he sold more than 15,000 stock options at $346.90 each, after exercising (buying) them for $25.35 each, according to a regulatory filing.
Hasting’s return: nearly $4.9 million before taxes and related fees. Following the transaction — pursuant to a “duly adopted trading plan” — Hastings’ trust owns more than 1 million shares of Netflix common stock.