Netflix Inc. CEO Reed Hastings gave his thumbs-up to Facebook by buying about $1 million worth of its stock.<\/p>\n
Hastings is a Facebook board member and the first insider at the social media company to disclose buying its stock since its initial public offering in May.<\/p>\n
Facebook’s stock has fallen nearly 45 percent since it first sold public shares to investors at $38. It was one of the most anticipated IPOs, but investors have been questioning its ability to keep increasing its revenue.<\/p>\n
Purchase by company executives or directors are typically considered a vote of confidence in the company.<\/p>\n
A regulatory document filed Thursday with the Securities and Exchange Commission shows that Hastings bought nearly 48,000 shares on Wednesday at $21.03 each. Facebook Inc.’s stock closed that day at $20.72.<\/p>\n
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