Reed Hastings, the director of Netflix, has sold approximately $40 million worth of shares in the company, offloading 410,550 shares at prices between $96.05 and $97.59. This sale, which also included Hastings exercising options to buy additional shares, comes after a period of significant stock appreciation for Netflix; the stock has surged over 18% in the past week, in contrast to broader market declines. Hastings’ sale was part of a scheduled transaction under a Rule 10b5-1 plan, which also applies to CFO Adam Neumann, who sold $8.25 million worth of shares, helping to mitigate insider trading concerns during this favorable market period.
Reed Hastings sells nearly $40M in Netflix shares
