Netflix Boss Takes Stock Hit

On September 29, Reed Hastings cashed in 5000 shares of his Netflix stock options. He bought 5000 shares at his stock option price of a buck and a half, and then sold them for $128.13/each. That’s a nice one-day profit of $633,000. HOWEVER, had he made the same trade a couple of weeks earlier, before jacking up the Netflix prices and causing general discontent among his customers, and a tumbling stock price, he would have profited well over a million dollars. The question is, of course, has he made up the difference from the higher prices that Netflix subscribers are now paying? Indications are probably not, since the number of subscribers has dipped by up to a million people. -Form 4-
This is the same dude who, a few years ago, was trying to lay a new property tax on the already beleaguered taxpayers of California, apparently assuming they are all as rich as he is . . . or was. -more-