Netflix Co-Founder steps down


Reed Hastings, the co-founder of Netflix announced that he was stepping down as CEO, ending a two decade long leadership. The company grew from a rent-by-mail DVD service to an entertainment juggernaut.

Netflix is said to have ended 2022 with more than 230 million global subscribers. Hastings has handed over control of Netflix to his longtime associates Chief Operating Officer Greg Peters and Ted Sarandos. Hastings said that he would take up a new job of executive chairman just like Amazon’s Jeff Bezos and Microsoft’s Bill Gates.
Netflix has posted earnings and subscriber data that exceeded all expectations. They now have a worldwide membership of more than 230 million members. Its revenue from October to December 2022 stood at $7,85 billion. Its share price has gone up almost 50 percent in the past 6 months.



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