Posted under Startups
from http://venturebeat.com/ 811 days ago

In a dramatic move befitting of his company’s business, Netflix CEO Reed Hastings ponied up more than $1 million for a small stake (0.0017 percent) in Facebook, a company for which he already maintains a board seat.

According to a regulatory filing with the Securities and Exchange Commission, Hastings purchased 47,846 shares at $21.03 a piece on Wednesday costing him $1,006,201.38. The investment has already accrued more than 37,000 for Hastings, as Facebook’s stock closed up at $21.81 on Friday.

The move suggests that Hastings holds confidence in the stock, which hit new lows after Facebook provided zero guidance on its earnings expectations for the rest of the year. Perhaps Hastings knows something the market doesn’t, or maybe the buy is a symbolic gesture meant to show support for a close partner. Netflix was a launch partner of Facebook ...

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