Netflix Inc. (NFLX: Quote) Chief Executive Officer Reed Hastings has bought about $1 million worth of Facebook Inc. (FB: Quote) stock.
In a filing with the Securities and Exchange Commission, Facebook disclosed Friday that Hastings, a board member of the social networking company, bought 47,846 shares of Facebook at an average price of $21.03 per share.
Hastings previously had 20,000 restricted stock units that was granted when he joined the Facebook board in June 2011.
In late July, Facebook reported its first financial results since going public in May. The company reported a loss for the second quarter, hurt mostly by share based compensation expenses related to the IPO.
Facebook's recent initial public offering created hype in the market. The successful, but bumpy IPO raised $16 billion, the largest ever for an internet company. However, the company's shares have fallen nearly 45 percent since its IPO debut.
FB closed Friday's trading at $21.81, up $0.80 or 3.79 percent on a volume of 25.79 million shares.
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by RTT Staff Writer
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