Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

#374 Reed Hastings $4.96B

Random fact: Favorite movie is "Sophie's Choice."

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 like "House of Cards" and "Orange Is the New Black." It reported revenue of $11.7 billion in 2017.

As of June 20, 2018:
Last change +$157M (+3.3%)
YTD change +$2.15B (+76.4%)
Industry Technology
Biggest asset NFLX US Equity
Citizenship United States
Age 57
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Reed Hastings's net worth of $4.96B can buy ...

0
troy ounces of gold
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barrels of crude oil

... and is equivalent to ...

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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 1.3 percent stake that he holds through a trust, according to a February 2018 SEC filing. He also holds more than 6 million options, according to the Los Gatos, California-based company's 2017 proxy.

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.

The billionaire also owns 135,451 Facebook shares, according to a May 2018 SEC filing.

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

Biography

Birthdate: 10/8/1960
Family: Married, 2 children
Education: 1988, Stanford University, Master's Degree, Computer Science 1983, Bowdoin College, Bachelor's Degree, Mathematics

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. It's now the world's leading Internet television network with more than 60 million subscribers in 50 countries who watch more than 100 million hours of TV every day, according to its website.

Reed Hastings lives in Santa Cruz, with his wife and two children. He sits on the board of Facebook and educational organizations such as KIPP, Pahara and Dreambox Learning.

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.