| Net Worth | Salary | Birthdate | Birthplace | Gender | Height | Profession | Nationality |
|---|---|---|---|---|---|---|---|
| $4 billion | $650,000 base salary at Netflix | October 8, 1960 | Boston, Massachusetts | Male | N/A | Entrepreneur | American |
What is Reed Hastings’ Net Worth?
Reed Hastings has a net worth of $4 billion. He earned his fortune as the co-founder, Chairman, and CEO of Netflix. At his peak, his net worth reached as high as $7 billion when Netflix stock was soaring.
Highlights
– Reed Hastings has a net worth of $4 billion.
– He co-founded, chairs, and acts as the CEO of Netflix.
– Reed Hastings has been on the board of directors of Facebook and Microsoft.
– He is known for voluntarily cutting his salary at Netflix.
– In 2020, his base salary was $650,000, and he earned roughly $33.4 million in other compensation.
Early Life
Reed Hastings, born on October 8, 1960, in Boston, Massachusetts, grew up with his father working as an attorney for the Department of Health, Education, and Welfare for the Nixon administration. After high school, he spent a year selling vacuum cleaners door-to-door before enrolling at Bowdoin College in Maine. During this time, he also trained at the Marine Corps’ Platoon Leader School with the intention of joining the Marines after graduating. However, he chose to join the Peace Corps immediately after graduating, where he taught math in schools in Swaziland.
Reed later applied to graduate schools and attended Stanford, graduating in 1988 with a master’s degree in computer science.
Career
After Stanford, Reed Hastings worked for Schlumberger, an oilfield services company, and later became a software developer at Adaptive Technology, specializing in debugging software. In 1991, he co-founded Pure Software, which went public in 1995. The company merged with Atria to create Pure Atria Corporation, which was later acquired by Rational Software for $750 million.
Following the acquisition, Reed Hastings founded Netflix in 1997. The idea for Netflix came to him after he received a $40 late fee from Blockbuster for returning a movie six weeks late. He realized the potential for a monthly subscription service where people could rent as many movies as they wanted. Netflix went public in 2002 and has since become a dominant player in the entertainment industry with a market cap of $230 billion as of September 2020.
Personal Life
Reed Hastings is married to Patricia Ann Quillin, and they have two children. They reside in Santa Cruz, California, where they own a home they purchased for $1.5 million. They also own a two-story penthouse apartment in Hollywood, which Reed bought from actress Charlize Theron for $1.75 million.
In June 2020, Reed and Patricia donated $120 million to support historically black colleges and universities (HBCUs), making it the largest individual or couple donation exceeding $100 million to this cause. The Hastings donated $40 million each to Morehouse College and Spelman College, and another $40 million to the United Negro College Fund.
Net Worth Over Time
Reed Hastings’ net worth has fluctuated over time. At his peak, his net worth reached $7 billion when Netflix stock was soaring. Currently, his net worth stands at $4 billion. He continues to be a prominent figure in the entertainment industry and business world.
Components of Net Worth
Reed Hastings’ net worth primarily comes from his ownership of Netflix. He owns 5.2 million shares of Netflix, including options. In addition to his salary, he also receives bonuses, stock awards, and other compensation. His net worth is subject to change based on the performance of Netflix’s stock.