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Facebook stock gets boost from Netflix CEO

Facebook stock may be down 40 percent since its debut in May. But Netflix CEO Hastings is a believer, buying $1 million of Facebook stock.

By Jessica GuynnLos Angeles Times (MCT) / August 12, 2012

Chief Executive of Netflix Reed Hastings, seen here at a Sun Valley, Idaho, conference in July, has just bought about $1 million worth of Facebook stock.

Jim Urquhart/Reuters/File

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LOS ANGELES

Some investors have lost faith in Facebook whose shares are down more than 40 percent since their May stock market debut.

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But Reed Hastings is getting some religion.

Hastings, chief executive of Netflix and a Facebook board member since June 2011, bought about $1 million worth of stock in the social networking giant, according to a filing with the Securities and Exchange Commission.

Hastings bought the shares Wednesday at a price of $21.03, a rare vote of confidence in the company.

On Friday Facebook’s shares were trading up 2.5 percent to $21.54. In May for its initial stock offering,Facebook sold shares to the public for $38 apiece.

A Netflix spokesman could not be immediately reached for comment.

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