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.
The view from Sacramento
Sign up for the California Politics newsletter to get exclusive analysis from our reporters.
You may occasionally receive promotional content from the Los Angeles Times.