Netflix CEO, and Facebook board member, Reed Hastings bought 47,846 shares of Facebook last Friday at an average price of $21.03.
That's a $1 million investment for Hastings, which is really not a lot for him. According to Street Insider, which first picked up the news, this is his entire holding of Facebook shares.
Facebook's shares have taken a beating since hitting the public markets. It's nice to see one of the company's insiders think it will grow.
Some what ironically, Reed Hastings has been selling his shares in Netflix on an almost weekly basis for years now.