Netflix's Reed Hastings exercised $612 million from stock options in 2020

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FILE PHOTO: Reed Hastings attends the inauguration of Netflix new offices in Paris

(Reuters) - Netflix Inc co-Chief Executive Officer Reed Hastings realized $612.13 million from exercising his stock options in 2020, a year of bumper subscription growth for the video-streaming giant.

The company, which crossed 200 million subscribers last year as people sought entertainment from home during the COVID-19-imposed lockdowns, saw its shares rise more than 67% in 2020.

Hastings purchased over 1.33 million Netflix shares last year in the exercising of his stock options, according to a filing.

Graphic: Netflix co-CEO Reed Hastings exercised $612 mln in options in 2020 - https://graphics.reuters.com/NETFLIX-CEO/dgkvlyzwxpb/chart.png

The price at which stock options can be exercised is set in an agreement. The value of shares when the purchase is made could be varying.

(Reporting by Chavi Mehta and Nishara Karuvalli Pathikkal in Bengaluru and Jessica DiNapoli in New York; Editing by Ramakrishnan M.)