Netflix co-CEO and founder Reed Hastings exercised US $ 612 million in stock options in 2020, a new filing has revealed.
The streaming leader had a stellar 2020 in which it surpassed 200 million subscribers globally, and the founder capitalized on that success with Netflix shares up more than 67% over the course of the year.
According to the compensation published by Netflix of senior executives document, Hastings purchased more than 1.33 million shares of the company in 2020 by exercising his stock options.
The document reveals that Netflix co-CEOs Reed Hastings and Ted Sarandos earned US $ 43.2 million and US $ 39.3 million respectively during the year.
Hastings’ base salary was $ 650,000, with the vast majority of his income coming from an option grant valued at $ 42.4 million. Sarandos had a base salary of US $ 20 million and an option grant of US $ 18.3 million.
The co-CEOs could struggle to match that total in 2021, however. the first quarter of the year has already shown stagnation in subscriber growth, its share price fell 10% as a result.
Netflix had a record year in 2020, but added just 3.98 million new net paying subscribers in the first quarter, up from 8.5 million reported in the previous quarter and two million fewer than the company had forecast.