Reed Hastings Net Worth
Reed Hastings net worth and salary: Reed Hastings is an American entrepreneur who has a net worth of $1.4 billion. According to the most recent Netflix SEC filing, Reed Hastings owns 2,631,039 shares of his company. As of May 7th, 2015, Netflix stock is trading at $560 per share. At that level, Reed's stake is worth $1.473 billion. Reed Hastings is most famous for being the co-founder and CEO of Netflix, the online DVD rental and video streaming service. Reed Hastings earned his net worth through his many business ventures with Netflix, Microsoft, and more. He also serves on the board of directors for Mark Zuckerberg's Facebook social network. Hastings previously served in the Peace Corps and was a high school math teacher in Swaziland, Africa for a couple years in the 1980s. He is also an educational philanthropist and has served on the California state board of education. He was born Wilmot Reed Hastings, Jr in Boston, Massachusetts on October 8, 1960. Reed attended Bowdoin College in Maine after spending the year directly following high school selling vacuums door to door. He co-founded Netflix with Marc Randolph in 1998. He came up for the idea for Netflix after being charged a $40 late fee for returning "Apollo 13" to Blockbuster six weeks late. One day during the six weeks when he could not locate the missing cassette, Reed went to his gym to work out. While working out it dawned on him that they gym's model of having a monthly fee was much better than having to pay for something like a movie rental every time someone wanted to watch a movie. He realized there should be a service where people could pay a flat rate and rent as many or as few movies as they wanted. As DVD players were becoming more common, his idea of sending movies through the mail became exponentially more viable.