How much is Reed Hastings net worth? Reed Hastings is a co-founder and CEO of Netflix, in which he owns 10,060,095 shares, roughly 2.28% of the company.
He was on the board of directors of the social networking site Facebook from 2011 to 2020, and on the board of directors of Microsoft from 2007 to 2012, in addition to many non-profit organizations.
Reed Hastings has a net worth of $ 6.3 billion, and his Netflix salary is $ 650,000 a year.
In the years between 2010 and 2014, he earned a basic salary of $ 3 million, but he has voluntarily cut his salary from time to time in recent years.
For example, he reduced his base salary from $ 700,000 in 2019 to $ 650,000 in 2020.
He earns a lot more, thanks to bonuses, stock prices, and other compensation. In 2020, on top of the base salary of $ 650,000, Reed Hastings earned nearly $ 33.4 million. In 2019, he earned $ 31.5 million. In 2018, he has earned $ 29.4 million.
Wilmot Reed Hastings Jr. was born. On October 8, 1960, in Boston, Massachusetts, his father was an attorney in the Department of Health, Education, and Welfare in the Nixon Administration.
He studied at Buckingham Browne & Nichols School in Cambridge and graduated in 1978. He then worked as a street vendor for vacuum cleaners.
Hastings attended Bowdoin College where he excelled in mathematics and received the Smith Prize and Hammond Prize in 1981 and 1983, respectively.
Then he joined the Peace Forces for some time as his risk-taking spirit grew. After returning from this team, he entered Stanford University and graduated after obtaining a master’s degree in computer science in 1988.
After Hastings left Adaptive Technology in 1991, he created his own company, Pure Software, which began to shine in an unexpected way.
His company merged with Atria Software in 1996, and the following year, Pure Atria became part of Rational Software, with Hastings becoming the technical director for both companies.
In 1998, Reed Hastings co-founded Netflix with Mark Randolph. Netflix has grown quickly and its new management technologies have caught a lot of attention.
Hastings introduced many policies that were not enforced in the labor market elsewhere, among them large dismissals of a large number of middle-aged employees who were laid off to finish their vacation periods.
In 2007, he began broadcasting movies and TV series to Internet and computer users. In 2011, it was announced that the popular DVD company would be split up, resulting in even greater complaints from customers.
Netflix services are available in North and South America, Europe, Australia, and New Zealand. In July 2015, the number of its customers reached 65 million subscribers.
Reed Hastings invested $2.5 million of his own money in startup capital for Netflix.
In July 1999 Netflix raised $30 million in venture capital funding, and after two months it launched its monthly subscription concept.
Netflix went public at an initial offering price of $15 per share in 2002. Netflix had a market cap of $300 million after its IPO. After taking into account stock splits, Netflix’s IPO price in today’s terms was equal to $1.07 per share. In July 2020 Netflix stock crossed $500 for the first time.
As of 2021, the company’s market cap is $230 billion, and Reed Hastings net worth is $6.3 Billion.
Reed Hastings is married to Patricia Ann Quillin, has two children. Currently resides with his family in the Bay Area in San Francisco.
In August 2013, Reed Hastings and his wife paid just $ 1.5 million for their relatively natural home. Reed bought a two-story penthouse apartment in Hollywood in 2016 from actress Charlize Theron for $ 1.75 million.
Hastings is very active in educational philanthropy. Donate $ 1 million to the Beacon Education Network, to create new licensed schools.
In June 2020, Reed and his wife donated $ 120 million to support historically black American colleges and universities, known colloquially as HBCUs.
He also donated $ 40 million each to Morehouse College and Spelman College plus another $ 40 million to the United Negro College Fund, which funds scholarships for historic black schools.