Netflix (NFLX) CEO Hastings Buys ~$20 Million in Stock Following Sell-Off, Ackman's Big Bet

Netflix (NASDAQ: NFLX) co-CEO, Reed Hastings, bought 51,440 shares from 01/27-01/28 at prices from $375.29-$393.47. The value of the purchases was ~$20 million.

Hastings now owns 5,158,941 shares through a Trust following the purchase.

On Wednesday, hedge fund manager Bill Ackman of Pershing Square Capital said he bought over 3.1 million Netflix shares, making the firm a top-20 holder along with Mr. Hastings.

"I have long admired Reed Hastings and the remarkable company he and his team have built," Ackman said at the time. "We are delighted that the market has presented us with this opportunity."

Shares of Netflix fell 22% last week following earnings, which included Q1 subscription guidance well below Wall Street's views.

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