Netflix CEO buys $1 million in Facebook shares

By Associated Press | Updated: 13 August 2012 11:18 IST

Netflix Inc. CEO Reed Hastings gave his thumbs-up to Facebook by buying about $1 million worth of its stock.

Hastings is a Facebook board member and the first insider at the social media company to disclose buying its stock since its initial public offering in May.

Facebook's stock has fallen nearly 45 percent since it first sold public shares to investors at $38. It was one of the most anticipated IPOs, but investors have been questioning its ability to keep increasing its revenue.

Purchase by company executives or directors are typically considered a vote of confidence in the company.

A regulatory document filed Thursday with the Securities and Exchange Commission shows that Hastings bought nearly 48,000 shares on Wednesday at $21.03 each. Facebook Inc.'s stock closed that day at $20.72.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Facebook, Netflix, Social

Suitors bid low for Kodak patents: Report

Jackson websites shut down for violating copyright

Netflix CEO buys $1 million in Facebook shares

Related Stories