How Netflix Founder Reed Hastings Got $300 Million Richer in a Week

July 23, 2017, 7:29 PM UTC

Netflix CEO Reed Hastings has benefited handsomely from the recent success of the streaming service, earning nearly $300 million in the last week, according to Forbes.

Hastings’ net worth currently stands at $2.2 billion, according to Forbes’ ranking of the world’s billionaires — a record high for the 56-year-old Netflix founder, who owns nearly 12 million shares of the company.

But just like week, prior to an earnings report led Netflix stock to jump, his net worth stood at $1.91 billion, according to Forbes.

After Netflix released the report last Monday, its stock opened at $176.13 on Tuesday, hitting an all-time high and climbing to $184.91 during the day. The stock continued to rise during the week and closed at $188.54 on Friday.

Hastings owes the windfall largely to the Netflix’s successful quarter. The streaming service added 5.2 million new subscribers in the most recent quarter, a figure that surpassed expectations and sent its stock soaring. Netflix also reported $2.79 billion in quarterly revenue, even as its $65.6 million in quarterly profits fell short of analyst estimates.

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