Meet Netflix billionaire Reed Hastings, who has spent millions on education reform, takes 6 weeks of vacation every year, and says he has no hobbies outside of work

Taylor Nicole RogersSep 1, 2020, 18:58 IST

Netflix co-CEO Reed Hastings says he has no hobbies outside of his work.Ore Huiying/Getty Images for Netflix

After racking up $40 in late fees at a traditional video rental store, Reed Hastings co-founded Netflix and made $5 billion in the process.
Before founding Netflix, Hastings spent one year teaching in Swaziland with the Peace Corps and another as a door-to-door vacuum salesman.
Hastings' philanthropic efforts are focused on education, including a $120 million donation to fund scholarships for Black college students and building a 2,100-acre luxury training camp for teachers in Colorado.

The $40 late fee Reed Hastings paid after temporarily losing a rented video in 1997 may have been the best money he ever spent.

That fee gave him the idea for Netflix, the entertainment giant he cofounded and leads as chief executive. Hastings has since built a $5 billion fortune that he has spent to support educational reform and bolster the campaigns of Democrats running for office.

A representative of Hastings at Netflix did not respond to Business Insider's request for comment on Hastings' career trajectory, net worth, philanthropy, and political donations.

Keep reading to learn more about Netflix co-CEO Reed Hastings.

Reed Hastings, 59, is the son of a Nixon administration attorney.

Reed Hastings. Getty Images/Ethan Miller

Netflix isn't Hastings' first company.

Reed Hastings. Pat Carroll/NY Daily News Archive via Getty Images

Hastings got the idea for a subscription-based movie rental service after a bad experience with a traditional movie rental store.

Reed Hastings sits in a cart full of ready-to-be-shipped Netflix DVDs on January 29, 2002 in San Jose, California. Justin Sullivan/Getty Images

Netflix is now one of America's most powerful tech companies, but it hasn't been smooth sailing.

Netflix cofounder, chairman, and CEO Reed Hastings attends Transatlantic Forum as part of Series Mania Lille Hauts de France festival on May 3, 2018 in Lille, France. Sylvain Lefevre/Getty Images

Inside Netflix, Hastings is known for his hands-off management style.

Reed Hastings. Reuters/Mike Blake

Hastings became a billionaire in 2014 as Netflix's stock surged.

Reed Hastings. Getty/Scott Olson

Hastings and his family live in Santa Cruz.

Santa Cruz, California. Sundry Photography/Shutterstock

Hastings is a major financial backer of the Democratic Party.

Former President Barack Obama (4th L) and former Vice President Joe Biden (3rd L) meet with tech executives in 2013. Attendees of the meeting included Hastings, Apple's Tim Cook, Comcast's Brian Roberts, Facebook's Sheryl Sandberg, and Google's Eric Schmidt. JIM WATSON/AFP via Getty Images

He also spends millions on philanthropy.

Netflix CEO Reed Hastings. AP

The majority of Hastings' philanthropy is aimed at education.

Reed Hastings attends the inauguration of Netflix new offices in Paris. Reuters

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