Reed Hastings loses 321 places on the billionaire list

Reed Hastings, the co-founder and Chief Executive Officer of Netflix, is facing the brunt of the video-streaming service’s downfall, having dropped 321 places in a month.

Ripples The Nigerian media had claimed that investors who owned Netflix stock were dumping their holdings because of an expected bearish run, which followed the loss of over 200,000 users and a slowing of subscription growth.

Netflix’s market value has plummeted by -66.5 percent year to date ($597.37 per share to $199.87 per share), as a result. Netflix’s stock price has fallen by 47.4 percent in only one month, from April 1 to April 30, resulting in a loss of $180.28 in market value.

Although the video-streamer is not the only company to suffer from a share dump by its shareholders, Reed Hastings‘s fortune plummets on the Forbes billionaire list as a result of the loss in value of his investment in Netflix as a result of investors selling their long positions in the company.

When Forbes calculated Reed Hastings‘ net worth in April, he was ranked 800th on its billionaire index, according to Ripples Nigeria checks. However, the businessman has plummeted 321 spots to 1122nd on the list, according to Ripples Nigeria checks.

This indicates that the billionaire has lost almost N1 billion from his net worth. However, going beyond Hastings’ projected riches, it was reported last month that his fortune was assessed at $5.1 billion in 2021, marking a loss of $2.4 billion from his current net worth.

As a result of the bearish run year-to-date, his business, which he co-founded in 1995, has seen its market capitalization plummet by $176.41 billion, with its equity value falling to $88.8 billion from $265.21 billion at the beginning of January.