Netflix CEO Cashes in Stock Options7 May, 2008 By: Erik Gruenwedel
Netflix Inc. co-founder and CEO Reed Hastings sold a combined 10,000 shares of the Los Gatos, Calif.-based online rental pioneer's stock for $312,950 as part of a prearranged trading plan, according to a regulatory filing.
The executive first bought 2,500 shares for $1.50 apiece and then sold them for $31.67 per share. Hastings' trust also sold 7,500 shares for $31.67.
The transactions were in line with new Securities and Exchange Commission regulation that allows company insiders to set up stock transactions in advance and proceed with them regardless of whether they obtain non-public information.