Business, US

How rich is Reed Hastings?

Name: Wilmot Reed Hastings, Jr.

Born: October 8, 1960

Occupation: Entrepreneur and philanthropist

Reed Hastings, fair use
Reed Hastings, fair use

Reed Hastings was born on October 8, 1960 in Boston, Massachusetts. He is the son of Wilmot Reed Hastings and Joan Amory Loomis. His great-grandfather was Alfred Lee Loomis, a prominent U.S. attorney.

In his youth, Reed enlisted in the Marine Corps officer training program and was in Virginia’s Officer Candidate School. Soon after graduating from Bowdoin College, Reed joined the Peace Corps and taught high school math for two years in Swaziland. Following his time in the Peace Corps, he attended Stanford University and graduated with a Master’s degree in computer science in 1988.

Reed is married to Patty Quillin and has two children. The family resides in San Francisco, California.

In 1990, Reed would earn his first job at Adaptive Technology, where he had created a debugging software tool. His experience at the company helped his found Pure Software, a firm that created solutions to troubleshoot software. It was a success and filed for an initial public offering (IPO) just five years later. The company would merge with Atria Software in 1996; the integrated firm would then be purchased by Rational Software a year later. Reed served as the Chief Technical Officer.

Reed then had an idea for a movie rental-by-mail service. He co-founded Netflix in 1997 with Marc Randolph. It then morphed into an online streaming service that has become one of the most popular websites in the world today. He regularly looks to the future to ensure that Netflix does not become like Blockbuster Video. One of his latest ideas consists of media entertainment pills that you would swallow in order to consume content (2016).

He currently serves as director of the board at Facebook. He also was director of the board at Microsoft from 2007 to 2012.

Outside of business, Reed is an active educational activist. Despite being a registered Democrat, he is a big proponent of charter schools, which are government-funded elementary and secondary schools that are free from certain rules and regulations that bog down public schools.

We estimate that Reed Hastings’s net worth is $1.2 billion (2016).

So how much is $1.2 billion really?

With Reed being an activist for education reform and as a leader in technology, $1.2 billion can help you purchase tens of thousands of computers for schools in California. $1.2 billion can also buy you thousands of models of his favorite automobile: the Porsche.


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