MENLO PARK, Calif. (AP) -- Netflix Inc. CEO Reed Hastings gave his thumbs-up to Facebook by buying about $1 million worth of its stock.
Hastings is a Facebook board member and the first insider at the social media company to disclose buying its stock since its initial public offering in May.
Facebook's stock has fallen nearly 45 percent since it first sold public shares to investors at $38. It was one of the most anticipated IPOs, but investors have been questioning its ability to keep increasing its revenue.
Purchase by company executives or directors are typically considered a vote of confidence in the company.
A regulatory document filed Thursday with the Securities and Exchange Commission shows that Hastings bought nearly 48,000 shares on Wednesday at $21.03 each. Facebook Inc.'s stock closed that day at $20.72.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
One person will win a three-year lease on a 2013 Honda Civic Lx Sedan automatic.
Click to see the latest mugshots, plus this week's wanted fugitives.
This feature packed upgrade brings you faster performance, easier navigation, and stunning improvements to photos, video and readability.
Latest Entertainment Headlines
The slavery epic "12 Years a Slave" and the con-artist caper "American Hustle" lead the 71st annual Golden Globes with seven nominations each.