Bloomberg Billionaires Index

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# 338 Reed Hastings $6.02B

Random fact: Saw President Nixon's gold-colored toilet seat in Camp David.

Overview

Hastings is a co-founder and chief executive officer of Netflix, an internet subscription service for movies and television shows. The Los Gatos, California-based business distributes licensed content, as well its own programs and films like "Stranger Things" and "The Irishman." It reported revenue of $20 billion in 2019.

As of :
Last change +$98.1M ( +1.7%)
YTD change +$1.80B ( +42.6%)
Industry Technology
Biggest asset NFLX US Equity
Citizenship United States
Age 59
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Reed Hastings's net worth of $6.02B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Hastings' fortune is derived from his holdings in publicly traded Netflix. He controls a 1% stake that he holds through a trust and about 4 million options, according to the Los Gatos, California-based company's 2020 proxy and a July 2020 filing.

The cost of exercising those options is included as a liability. The value of his cash investments is based on an analysis of share sales, dividends, market performance, taxes and charitable contributions.

Hastings didn't respond to requests for comment on his net worth.

Biography

Birthdate: 10/8/1960
Family: Married, 2 children
Education: Bowdoin College, Stanford University

Reed Hastings was born in Boston on Oct. 8, 1960 to Joan Amory Loomis and Wilmot Reed Hastings, an attorney for the Department of Health, Education and Welfare in the Nixon Administration. When he was twelve, he and his family were invited to Camp David, where they rode golf carts, had a tour and saw that President Nixon had a gold-colored toilet seat, according to an interview with the New York Times in 2006.

Upon finishing high school, Hastings spent a year selling Rainbow vacuum cleaners door to door. He then attended Bowdoin College in Maine where he graduated in mathematics in 1983. While at college he spent his summers in the Marine Corps' Platoon Leader Class.

He joined the Peace Corps the day he graduated from college and was sent to Swaziland where he taught mathematics until 1985. He decided to attend graduate school that same year, and after failing to get into M.I.T., his first choice, went to Stanford to study artificial intelligence. After graduating, he worked for Schlumberger, the oilfield services company. He started his first business, Pure Software, in 1991, and sold it to Rational Software for $750 million six years later.

Hastings got the idea for Netflix after being charged a $40 late fee by a video store. He'd rented "Apollo 13" and returned it six weeks late because he misplaced the cassette, according to an interview with the New York Times. He saw opportunity in a monthly subscription business model, comparing it to his gym, where he could work out as much or as little as he wanted for the same cost. Los Gatos, California-based Netflix was founded in 1997 and began trading in 2002. Fast growth followed and by the end of 2018 it had 139 million subscribers worldwide.

Reed Hastings lives in Santa Cruz, with his wife and two children.

Milestones
  • 1960 Reed Hastings is born in Boston.
  • 1983 Graduates from Bowdoin College.
  • 1988 Receives degree in Artificial Intelligence from Stanford.
  • 1991 Founds Pure Software.
  • 1997 Co-founds Netflix as a DVD rentals and sales website.
  • 1997 Sells Pure Software for $750 million.
  • 2002 Netflix begins trading on the Nasdaq.
  • 2010 Starts offering streaming-only service in Canada.