Published: July 30, 2024
Did Netflix’s Reed Hastings Just Make a Fatal Mistake With a Political Donation?
By a Movieguide® Contributor
Netflix is facing calls for a boycott after the streaming service’s co-founder Reed Hastings donated $7 million to a SuperPAC supporting Kamala Harris’ presidential campaign.
“After the depressing debate, we’re back in the game,” Hastings told The Information last week while discussing his large donation.
Hastings was one of many Hollywood Democrats who called for Biden to drop his reelection bid after a dismal debate against Donald Trump in late June. After weeks of trying to reinvigorate his party’s support, Biden officially declared he would not seek reelection in mid-July, opening the door for his vice president, Kamala Harris, to take over as the presumptive nominee.
“Biden must step aside to allow a vigorous Democratic leader to defeat Trump and keep us safe and prosperous,” Hastings told The New York Times earlier this month, echoing the view of most Hollywood donors.
Thanks to support from people like Hastings, Harris has received more than $200 million in the week since she took over as the Democratic front-runner for this year’s election.
However, Netflix is facing criticism for this show of support from its co-founder, with many Republicans calling for a boycott of the streaming platform to show their disapproval of Hastings’ donation.
“Seriously, cancel Netflix. This is the last time for me. I will never pay for them again,” wrote one user on X, formerly Twitter. “There are too many free apps that have the same (content) to watch.”
“Netflix co-founder Reed Hastings donated $7 million to Kamala Harris. There are plenty of other streaming options available. You know what to do, patriots,” another user wrote on X. “Hope Hastings enjoys his support for VP Harris. Let him feel it.”
While Hastings stepped down from his role as CEO of the streaming platform in 2023, he remains heavily involved in the company as executive chairman. His net worth is currently estimated at $6.21 billion, according to Bloomberg, with much of that wealth tied up in Netflix stock.
Movieguide® previously reported on Hastings:
Netflix founder Reed Hastings has announced that he will step down as CEO of the major streaming platform.
Hastings will remain chairman of Netflix, while co-CEO Ted Sarandos will remain in his current role. Greg Peters, who served as chief operating officer, will take over as co-CEO from Hastings.
“I want to thank Reed for his visionary leadership, mentorship and friendship over the past 20 years,” Sarandos said in a statement about Hastings’ departure. “We have all learned much from his intellectual rigor, honesty and willingness to take big risks, and we look forward to working with him for many years to come.”
Hastings tweeted who plans to remain president “for many more years.”
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