Netflix CEO Reed Hastings buys $1 million of Facebook stock
Some investors have lost faith in Facebook whose shares are down more than 40% since their May stock market debut.
But Reed Hastings is getting some religion.
Hastings, chief executive of Netflix and a Facebook board member since June 2011, bought about $1 million worth of stock in the social networking giant, according to a filing with the Securities and Exchange Commission.
Hastings bought the shares Wednesday at a price of $21.03, a rare vote of confidence in the company.
On Friday Facebook’s shares were trading up 2.5% to $21.54. In May for its initial stock offering, Facebook sold shares to the public for $38 apiece.
A Netflix spokesman could not be immediately reached for comment.
ALSO:
Call it Zucker Burg: Facebook campus gets its own Main Street
Facebook’s campus is getting a razor-sharp perk: A barbershop
Facebook settles into new home just days before expected IPO filing
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
