Reed Hastings Net Worth
$2.5 billion
| Name | Reed Hastings |
| Date of Birth | October 8, 1960 |
| Age | 61 years old |
| Height | 6 ft 0 inch (1.85m) |
| Profession | Chief Executive Officer of Netflix |
| Nationality | American |
| Religion | Christianity |
| Net Worth | $2.5 billion |
Reed Hastings Introduction
Reed Hastings as commonly known as “Wilmot Reed Hastings Jr.” is an entrepreneur from the United States. He is the co-founder, president, as well as co-CEO of Netflix, as well as a member of other boards including non-profit organizations.
Hastings, a previous member of the California Education Board, is a proponent of educational reforms through school systems.
Reed Hastings Early Life
Wilmot Reed Hastings Jr. was born in 1960, on the 8th, of October in Boston, Massachusetts, United States of America on. During the Nixon administration.
His father served as a lawyer for the State Health Department, Schooling, and Development? His mother, on the other side, was a Social Register debutante from Boston.
Hastings received his schooling at Buckingham Browne & Nichols School in Cambridge, Massachusetts.
Before attending college, Hastings devoted a year to selling vacuum cleaners door to door after high school. He graduated from Bowdoin College with a Bachelor of Arts in Mathematics.
Hastings served in the Marine Corps for a short time. He spent his college vacations in the marines, but he never finished the training and hence was don’t ever commissioned into the Marine Corps.
From 1983 to 1985, Hastings served in the Peace Corps, teaching algebra in a high school in Swaziland, Africa.
Hastings received his Master’s Computer science Degree from Stanford University in 1988.
Reed Hastings Personal Life
Reed and Patricia Ann Quillin had a happy marriage. They have two kids combined. Reed lives in Santa Cruz, California, with his family. According to rumors, he paid $1.5 million in August 2013 to purchase their new house.
In addition, they possess a two-story penthouse residence in Hollywood. In 2016, he paid $1.75 million for the property from superstar Charlize Theron.
Hastings together his wife Patty contributed $120 million to two historically Black universities and the United Negro Scholarship Fund in June 2020.
Reed Hastings Age, Height, & Weight
Being born in 1960, on the 8th, of October “Reed Hastings” age is 61 years old as of today date and his height is 6 feet 0 inches tall, (1.85 m), and his weight is 78 kilograms and (171 lbs) in pounds as of 2022.
Reed Hastings Career
His first employment after graduating from Stanford was with the oilfield services business Schlumberger. He started out working as a software engineer at Adaptive Technology. His primary responsibility at Adaptive was software development.
Reed co-founded Pure Software in 1991 when he was 31 years old. Purify, the company’s early product was a debugging software for Unix/C developers. In 1995, Pure Software decided to go public. A year later, the firm partnered with a competitor named Atria to form Pure Atria Corporation.
Rational Software later purchased Pure Atria for $750 million. Up to that moment, it was the biggest transaction in Silicon Valley history. Both firms’ shares plunged 40% on the day the agreement was revealed. Hastings was designated CTO of the merged new business but left shortly after the acquisition.
He had a little number of funds and there is nothing but time to get ready for his next endeavor. He founded Netflix in 1997, the same year he sold Rational Software.
Reed developed the inspiration for Netflix after paying a $40 late charge at a Blockbuster rental business for delivering “Apollo 13″ six weeks late, according to corporate legend.
Reed came to his gym and work out one day during the 6 weeks when he couldn’t find the lost tape. While exercising out, he realized that the gym’s monthly price model was far superior to agreeing to spend for something like a DVD rental every time he wanted to view a movie.
He understood that customers should be able to pay a fixed fee and rent as many or as few films as they wished. As DVD players grew more ubiquitous, his notion of distributing movies over the mail became increasingly feasible.
Reed, as well as Marc Randolph, co-founded Netflix on August 29, 1992, in Scotts Valley, California. Randolph was the director of marketing of Pure Atria and it had formerly co-founded MicroWarehouse, a mail-order software startup.
Hastings and Randolph used it to commute together just to Pure Atria from their residences in Santa Cruz and the industry’s headquarters in Sunnyvale, California.
Randolph, who departed Netflix following the company’s initial public offering in 2002, would subsequently provide a different account of Netflix’s founding legend. According to Randolph, the concept for a direct-to-consumer DVD rental firm came from him.
He claims to have developed the idea after witnessing the shift of the computer software sector to CD-Roms and the advent of e-commerce through Amazon.com. He claims he visited Hastings to inquire whether or not movies could be securely leased by mail once they were converted from VHS to DVD. Randolph’s account of the tale is as follows:
Reed and I were in downtown Santa Cruz, and we were wondering whether we could mail one of them [DVDs]. We bought a music CD, then went to one of the other stationary places and got a greeting card, then stuffed the CD into an envelope and shipped it to Reed’s residence.
And then the next day he remarked, ‘It arrived.’ It’s all right.’ That was it if there was an aha moment.”
Hastings later denied that Randolph was actively engaged in the development of the Netflix concept, although Randolph is officially recognized as the company’s co-founder.
Hastings put $2.5 million of his personal money towards Netflix’s founding financing.
Netflix received $30 million in venture capital investment in July 1999. It started its subscription service plan two months later.
Netflix decided to go public in 2002 with a $15 per share initial offering price. Following its IPO, Netflix had a market capitalization of $300 million. After accounting for stock splits, Netflix’s IPO pricing in today’s dollars was $1.07 per share.
Netflix stock will reach $500 for the first period in July 2020. The company’s market valuation is $230 billion as of September 2020.
Other business interests
Since June 2011, Hastings has served as a director of Facebook, Inc. He was believed to hold more than $10 million in Facebook stock as of September 2016.
Hastings announced his departure from Facebook’s board of directors in April 2019. From 2007 through 2012, Hastings served on Microsoft’s board of directors.
Reed Hastings Net Worth
Reed Hastings is believed to be worth $2.5 billion. The majority of his revenues come from Netflix, which he co-founded. Reed owns around 5.5 shares in the company of Netflix. He also has stock in firms such as Facebook as well as Microsoft.
Hastings’ base compensation at Netflix is $650,000, according to our research. Between 2010 and 2014, he was said to have earned nearly $3 million in basic pay. He also receives bonuses, stock rewards, and other remuneration, which increases his salary significantly.
Reed received about $33.4 million in additional pay in 2020. This is significantly more than his 2019 salary of $31.5 million.
Conclusion
Reed Hastings is a billionaire entrepreneur from the United States. Reed Hastings made his wealth as Netflix’s co-founder, Chairman, as well as CEO.
Reed holds 5.2 shares in the company of Netflix, including options, according to the industry’s latest recently SEC filing. Reed’s net worth peaked at $2.5 billion during a period when Netflix stock was rising.
Reed served on Facebook’s board of directors from 2011 until 2020. He is not but has never been, a Facebook user. Indeed, he has referred to social networking as his “vision of hell.” From 2007 until 2012, he served on Microsoft’s board of directors.