Netflix CEO reels in the dough
The executive is on track to receive nearly $60 million in pay this year
Hastings has sold 5,000 or 10,000 shares of company stock every week for seven years, the New York Post reports. With shares on fire this year, Hastings has received $31 million from the sales so far.
If shares can sustain their momentum, Hastings may get close to $60 million for all of 2010, writes Claire Atkinson. That's more than the $43 million received in 2009 by Leslie Moonves, the CEO of CBS(CBS).
Last week alone, Atkinson writes, Hastings sold 10,000 shares at $124.16 each. Since 2,500 of those shares were options exercised at $1.50 each, the overall profit from the sale was $1.24 million. Post continues after video:
Not a bad week for the 49-year-old Netflix founder. Hastings, which the Post reports is a married father of two, will get a salary of $500,000 this year. That's a 50% cut from 2009, but I don't think he's complaining.
I wonder if Hastings' payday is any sweeter with the knowledge that Netflix was instrumental in driving Blockbuster nearly to the brink of bankruptcy.
More from MSN Top Stocks:
- Blockbuster bankruptcy weeks away?
- Netflix fights back, expands online library
- Does Netflix need Saturday delivery?
- Netflix faces battle in streaming content
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
The solid report comes a month after the retailer closed all of its Canadian operations.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.