Reed Hastings facts for kids
Quick facts for kids
Reed Hastings
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Hastings in 2015
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| Born |
Wilmot Reed Hastings Jr.
October 8, 1960 Boston, Massachusetts, U.S.
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| Education | Bowdoin College (BA) Stanford University (MS) |
| Known for | Co-founder and chairman, Netflix |
| Spouse(s) |
Patricia Ann Quillin
(m. 1991) |
| Children | 2 |
Wilmot Reed Hastings Jr. (born October 8, 1960) is an American businessman. He is best known as the co-founder of Netflix, Inc., the popular streaming service. He is currently the executive chairman of Netflix.
Reed Hastings also serves on many boards and works with different groups that help others. He used to be the president of the California State Board of Education. He also supports charter schools, which are public schools run by private groups. As of January 2025, his wealth was estimated to be about $5.5 billion.
Early Life and Education
Reed Hastings was born in Boston, Massachusetts. He went to Buckingham Browne & Nichols School in Cambridge, Massachusetts. Before college, he took a year off and sold vacuum cleaners door-to-door.
In 1983, he earned a Bachelor of Arts degree in Mathematics from Bowdoin College. He really enjoyed his time at Bowdoin.
After college, he joined the Peace Corps. From 1983 to 1985, he taught math at a high school in a rural area of Swaziland. He believes his time in the Peace Corps helped him become an entrepreneur. He once said that starting a business didn't seem scary after hitchhiking across Africa with little money.
After the Peace Corps, Hastings went to Stanford University. He graduated in 1988 with a Master's Degree in Computer Science.
Career Journey
Starting Pure Software
Reed Hastings' first job was at a company called Adaptive Technology. There, he created a tool to fix problems in computer programs.
In 1991, Hastings started his first company, Pure Software. This company made products to find and fix bugs in software. Growing the company was a challenge for Hastings. He didn't have much experience managing a fast-growing team. He even asked his board to replace him because he felt unsure. But the board said no, and Hastings learned how to be a better businessman. Pure Software became a public company in 1995.
Later, Pure Software merged with another company called Atria Software. In 1997, the combined company was bought by Rational Software. Hastings left the company soon after this.
Founding Netflix
In 1997, Reed Hastings and his former colleague, Marc Randolph, started Netflix. Their idea was to rent movies by mail using DVDs. DVDs were easier to send than VHS tapes. Customers could order movies from a website instead of a paper catalog.
Hastings got the idea for Netflix after he had a big late fee for a movie. He owed $40 for a movie that was six weeks late. He realized that gyms had a better business model. You could pay a monthly fee and work out as much as you wanted. He thought, "What if movie rentals worked like that?"
Netflix started by mailing DVDs. Later, in 2007, Netflix launched a service to stream movies and TV shows directly to computers. Hastings believes that Internet television is the future. Today, Netflix has millions of subscribers worldwide.
Netflix Company Culture
As Netflix grew, it became known for its unique way of managing employees. This approach is called "Freedom and Responsibility." Netflix gives its employees a lot of freedom. For example, employees can manage their own time off. They don't have set sick days or vacation days.
Hastings created a guide about Netflix's culture. He shared it publicly online. This guide helped attract people who would fit well with the company's way of working.
In 2020, Hastings and Erin Meyer wrote a book about Netflix's culture. The book, No Rules Rules: Netflix and the Culture of Reinvention, became a bestseller.
Other Business Projects
Reed Hastings was on the board of Microsoft from 2007 to 2012. He also served on the board of directors for Facebook, Inc. from 2011 to 2019.
In 2023, Hastings became the main owner of Powder Mountain, a ski resort in Utah. He invested $100 million in the resort.
Helping Others and Causes
Education
California State Board of Education
After selling Pure Software, Hastings became very interested in improving education in California. In 2000, he was appointed to the California State Board of Education. He became its president in 2001.
He spent his own money to help pass Proposition 39 in 2000. This measure made it easier for local schools to get money for construction projects. He supported more English instruction for students who did not speak English. He resigned from the board in 2005.
Supporting Charter Schools
Hastings is very active in helping education. He strongly supports charter schools. These are public schools that are run by private groups.
In 2006, he donated $1 million to help open new charter schools. As a member of the Giving Pledge since 2012, he promised to give away most of his wealth. He created the Hastings Fund and pledged $100 million for children's education. This fund has given money for college scholarships for Black and Latino youth.
In 2014, he suggested that elected school boards should be removed.
Helping Historically Black Colleges and Universities
In June 2020, Hastings made a very large donation. He gave $120 million to be shared among the United Negro College Fund, Morehouse College, and Spelman College. This was the largest individual donation ever to support scholarships at these important colleges.
Other Donations
In 2016, Hastings set up a special fund at the Silicon Valley Community Foundation. He put $100 million into it. In 2024, he gave another $1.1 billion worth of Netflix shares to this fund.
In 2020, Reed Hastings and his wife donated $30 million to GAVI. This helped support the COVAX initiative for COVID-19 vaccines. In March 2022, he donated $1 million to Razom, a group that helps Ukraine get emergency supplies.
Politics
Reed Hastings has also supported various political causes and candidates. He has made donations to support education reforms and specific politicians. For example, he supported Hillary Clinton in the 2016 US presidential election. In 2021, he gave $3 million to oppose the effort to remove Gavin Newsom as governor of California.
In 2024, he supported Kamala Harris for president. He made a large donation to a group supporting her campaign.
Personal Life
Reed Hastings lives in Santa Cruz, California. He is married to Patricia Ann Quillin and they have two children.
He once owned a Porsche but later sold it for a Toyota Avalon. As of 2020, he drives a Tesla.
In 2018, Hastings appeared on a podcast called Masters of Scale. He talked about how Netflix grew so much.
See also
In Spanish: Reed Hastings para niños
