Netflix shares slide as co-founder Reed Hastings to exit

The co-founder and chair had led the failed bidding war earlier this year to acquire Warner Bros Discovery

Netflix shares fell nearly 10% in premarket trading on Friday after chairman and co-founder Reed Hastings said he was leaving the company at a pivotal moment, as the streaming pioneer hunts for new growth avenues following a failed deal with Warner Bros Discovery. Picture: Tobias Hase/AFP/Getty Images

Netflix shares fell nearly 10% in premarket trading on Friday after chairman and co-founder Reed Hastings said he was leaving the company at a pivotal moment, as the streaming pioneer hunts for new growth avenues following a failed deal with Warner Bros Discovery.

In a letter to investors, Netflix on Thursday evening said Mr Hastings will not stand for re-election at its annual meeting in June and plans to focus on philanthropy and other pursuits. "This was unexpected news, and Hastings is seen as the DNA of the company," said Kathleen Brooks, research director at XTB.