Netflix co-founder Reed Hastings exits

Hastings, who led Netflix from a mail-order DVD service to a global streaming powerhouse over 29 years, will exit at a pivotal moment for the industry.

The company is currently searching for new growth drivers following a failed acquisition of Warner Bros.

Discovery assets and a massive $20 billion spending surge on original content.

While first-quarter earnings beat expectations, investors were spooked by muted forecasts and worries over subscriber retention.

Analysts are divided on whether the selloff represents a buying opportunity or a sign that the 'builder not buyer' era of streaming is coming to an end.

Hastings' departure marks the end of a legendary leadership chapter that defined the modern media landscape.