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Reed Hastings' base salary at Netflix is $650,000. That's a pay cut from the roughly $3 million base salary he earned in many years in the 2010-2014 era. He voluntarily cuts his salary from time to time. Even in good years. For example, he cut his base salary from $700,000 in 2019 to $650,000 in 2020. With bonuses, stock awards and other compensati...

Wilmot Reed Hastings Jr. was born on October 8, 1960 in Boston, Massachusetts. His father was an attorney for the Department of Health, Education and Welfare for the Nixon administration. After high school he spent a year selling vacuum cleaners door-to-door before enrolling at Bowdoin College in Maine. He spent summers training at the Marine Corps...

His first job after Stanford was for the oilfield services company Schlumberger. He then worked as a software developer for a company called Adaptive Technology. At Adaptive, his focus was debugging software.

In 1991, at the age of 31, Reed co-founded a company called Pure Software. The company's first product was a debugging tool for Unix/C engineers called Purify. Pure Software went public in 1995. A year later the company merged with a rival called Atria to create Pure Atria Corporation. Pure Atria was later acquired by Rational Software for $750 mil...

According to company lore, Reed stumbled on the idea for Netflix after getting a $40 late fee at a Blockbuster rental store for returning "Apollo 13" six weeks late. One day during the six weeks when he could not locate the missing cassette, Reed went to his gym to work out. While working out it dawned on him that the gym's monthly fee model of hav...

In 2000, when the company had around 300,000 subscribers and was losing money at a frightening pace, Netflix approached Blockbuster with an offer. At the time, Netflix was on pace to lose $50 million that year. Hastings proposed that Blockbuster acquire Netflix for $50 million. If Blockbuster accepted, Netflix would change its name to Blockbuster.c...

Reed and his wife Patricia Ann Quillin have two children and live in Santa Cruz, California. According to public records, they paid just $1.5 million for their relatively-normal home in August 2013. In Hollywood they own a two-story penthouse apartment in Hollywood. Reed bought the apartment in 2016 from actress Charlize Theron for $1.75 million, w...