Netflix’s Reed Hastings collects $225 million in inventory sale



Netflix Inc.’s Reed Hastings just pocketed $225 million from a inventory sale, the most recent in a series of such transactions the billionaire has made this year totaling $616 million.

Hastings has collected enough cash in 2020 to produce all four seasons of “The Crown,” all six seasons of “Peaky Blinders” or the equivalent of approximately 4.7 million annual Netflix subscriptions, based on average monthly subscription costs. The sales, the most recent of which used to be Dec. 21, were made as a part of a trading plan.

Hastings, the Los Gatos, California-based firm’s co-chief executive officer, has seen his wealth increase approximately $2.2 billion this year to $6.4 billion, according to the Bloomberg Billionaire’s Index, making him the 120th-richest person in the U.S.

The inventory has climbed 63% this year as the streaming service has added 28.1 million new subscribers in the first nine months of 2020, fueled by increased demand for at-home entertainment throughout the Covid-19 lockdowns.

Hastings, 60, founded his first tech commerce, Pure Software, in 1991, before going on to co-found Netflix with Pure colleague Marc Randolph in 1997.

Another former Netflix director, Roku Inc. co-founder Anthony Wood, has also seen his fortune soar throughout the pandemic. Wood’s wealth has doubled in the final three months as sales of the firm’s streaming players increased 57% in the third quarter from a year earlier. More than a third of smart televisions sold in the U.S. this year have the Roku operating system, according to a company outline.

Roku shares have soared 165% this year, pushing Wood’s net worth to $7 billion, according to the wealth index. He has collected approximately $200 million from inventory sales in 2020 as a part of a trading plan, according to data compiled by Bloomberg.

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