Reed Hastings, Hedge Funds Dealt Blow After Netflix Miss

Netflix co-founder’s wealth is down 46% so far this year
Company unexpectedly shed subscribers and expects to lose more

WATCH: Mark Stoeckle, CEO of Adams Funds, a firm that holds Netflix shares, discusses Netflix’s plunge amid subscriber loss.Source: Bloomberg

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By Jill R Shah and Hema Parmar

April 20, 2022 at 10:02 AM EDT

Updated on

April 20, 2022 at 9:38 PM EDT

This article is for subscribers only.

Reed Hastings’s fortune was already on the decline before Netflix Inc., the streaming giant he co-founded, reported dismal first-quarter earnings.

After Netflix shares plunged 35% on Wednesday, his wealth wipeout ranks among the biggest in the world, according to the Bloomberg Billionaires Index.

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