Facebook stock gets boost from Netflix CEO

Facebook stock may be down 40 percent since its debut in May. But Netflix CEO Hastings is a believer, buying $1 million of Facebook stock.

By Jessica Guynn,?Los Angeles Times (MCT) / August 12, 2012

Chief Executive of Netflix Reed Hastings, seen here at a Sun Valley, Idaho, conference in July, has just bought about $1 million worth of Facebook stock.

Jim Urquhart/Reuters/File

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Some investors have lost faith in?Facebook?whose shares are down more than 40 percent since their May?stock?market debut.

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But Reed Hastings is getting some religion.

Hastings, chief executive of Netflix and a?Facebook?board member since June 2011, bought about $1 million worth of?stock?in the social networking giant, according to a filing with the Securities and Exchange Commission.

Hastings bought the shares Wednesday at a price of $21.03, a rare vote of confidence in the company.

On Friday?Facebook?s?shares were trading up 2.5 percent to $21.54. In May for its initial?stock?offering,Facebook?sold shares to the public for $38 apiece.

A Netflix spokesman could not be immediately reached for comment.

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/O7-pMZsLTIA/Facebook-stock-gets-boost-from-Netflix-CEO

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