Netflix (NASDAQ:NFLX) co-Chief Executive Officer Reed Hastings exercised $612.13 million U.S. of stock options in 2020 as the company’s share price soared on news of subscription growth for the video-streaming giant.
The company, which crossed 200 million subscribers last year as people sought entertainment from home during pandemic-imposed lockdowns, saw its shares rise more than 67% in 2020.
Reed Hastings purchased over 1.33 million Netflix shares last year in the exercising of his stock options, according to a regulatory filing. The price at which the stock options can be exercised is set in an agreement between the company and CEO.
Netflix stock has fallen this year on news that subscription growth is slowing as people begin to emerge from lockdown orders and the global pandemic retreats. Netflix’s share price is down 14% since the end of January at $505.55.