In 1997, Reed Hastings co-founded Netflix (NASDAQ: NFLX) . Twenty-six years later, he is stepping down. Under his tenure, anyone who invested $10,000 in Netflix stock at its initial public offering now has nearly $3 million.
This is an unbelievable run under a visionary CEO, but it might leave investors wondering if they should also head for the exits. So let's find out if Netflix stock is worth owning despite losing Hastings.
Hastings isn't completely gone from Netflix -- he's transitioning to the role of executive chairman of the board. Essentially, this is more of an oversight, big-picture role rather than day-to-day operations. It's also what many founders choose to do when they think it's time to move on.
For further details see:
Netflix's CEO and Co-Founder Heads for the Exit. Should You?