Netflix CEO acquires Facebook shares

Netflix CEO acquires Facebook shares

PanARMENIAN.Net - Netflix CEO Reed Hastings has given a thumbs-up to Facebook by buying about one million US dollars (£637,000) of its stock, Belfast Telegraph said.

Mr Hastings is a Facebook board member and the first insider at the social media company to disclose buying its stock since its initial public offering in May.

Facebook's stock has fallen nearly 45% since it first sold public shares to investors at 38 dollars (£24). It was one of the most anticipated IPOs, but investors have been questioning its ability to keep increasing its revenue.

Purchases by company executives or directors are typically considered a vote of confidence in the company.

A regulatory document filed on Thursday with the Securities and Exchange Commission shows that Mr Hastings bought nearly 48,000 shares on Wednesday at 21.03 dollars each. Facebook's stock closed that day at 20.72 dollars.

 Top stories
One game includes keeping soccer balls in the air, while another game makes the players virtually swim on the large screen.
The memorandum of understanding will allow for an exchange of technical information and non-operational data related to cybercrime.
Mozilla is setting Yandex as the default search engine in Russia, and the move opens up the firm to work with more local partners
The award of $23.6mln was a tenth of what the firm was claiming: $1 for every infringing device sold, which would have totaled $237mln.
Partner news