Netflix CEO Reed Hastings buys $1 million of Facebook stock

Some investors have lost faith in Facebook whose shares are down more than 40% since their May stock market debut.

But Reed Hastings is getting some religion.

Hastings, chief executive of Netflix and a Facebook board member since June 2011, bought about $1 million worth of stock in the social networking giant, according to a filing with the Securities and Exchange Commission.

Hastings bought the shares Wednesday at a price of $21.03, a rare vote of confidence in the company.

On Friday Facebook’s shares were trading up 2.5% to $21.54. In May for its initial stock offering, Facebook sold shares to the public for $38 apiece.

A Netflix spokesman could not be immediately reached for comment.

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