Netflix founder, Reed Hastings, falls 321 places on billionaire list amid Netflix crash
The cofounder and Chief Executive Officer of Netflix, Reed Hastings, is bearing the brunt of the video-streaming service’s crash, as he fell 321 places within a space of one month.
Ripples Nigeria had reported that investors holding Netflix shares were selling off their assets due to projected bearish run, following loss of over 200,000 subscribers, and slow subscription growth.
This sunk Netflix’s market value by -66.5% year-to-date ($597.37 to $199.87 per share). Within one month, April-to-date, Netflix share had depreciated by 47.4%, losing $180.28 in market price.
But the video-streamer isn’t the only one at the receiving end of share dump by its shareholders, as Hastings crashes on the billionaire list due to his investment in Netflix losing value in response to investors exiting their long position in the firm.
Read also: Netflix revenue axed by Russia, Ukraine war, loses $40bn
In April, Forbes had estimated Hastings networth at $3.7 billion, placing him at 801 spot on its billionaire index, however, Ripples Nigeria checks showed that the businessman has dropped 321 places to 1122 spot.
This means the billionaire has lost about N1 billion from his networth, but looking beyond Hastings estimated wealth reported that last month, his fortune was valued at $5.1 billion in 2021, reflecting a loss of $2.4 billion.
His company, which he cofounded in 1995, had lost $176.41 billion in market capitalisation due to the bearish run year-to-date, as the equity cap slumped to $88.8 billion from $265.21 billion held in January.
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