Netflix founder Reed Hastings exits

Hastings, who co-founded the streaming giant 29 years ago, plans to focus on philanthropy and personal pursuits following his departure.

His exit marks the end of a transformative era for the company, which recently walked away from a high-stakes battle for control of Warner Bros.

Discovery.

Despite adding more subscribers than anticipated, Netflix's conservative guidance for the coming months spooked investors, leading to an 8% drop in stock price.

Co-CEOs Ted Sarandos and Greg Peters praised Hastings for his 'selfless and disciplined' leadership throughout his three-decade tenure.