- After racking up late fees at a traditional video rental store, Reed Hastings co-founded Netflix and made R83 billion in the process.
- Before founding Netflix, Hastings spent one year teaching in Swaziland with the Peace Corps and another as a door-to-door vacuum salesman.
- Hastings' philanthropic efforts are focused on education, including a $120 million donation to fund scholarships for black college students and building a luxury training camp for teachers in Colorado.
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The $40 (R660) late fee Reed Hastings paid after temporarily losing a rented video in 1997 may have been the best money he ever spent.
That fee gave him the idea for Netflix, the entertainment giant he cofounded and leads as chief executive. Hastings has since built a $5 billion (R83 billion) fortune that he has spent to support educational reform and bolster the campaigns of Democrats running for office.
A representative of Hastings at Netflix did not respond to Business Insider's request for comment on Hastings' career trajectory, net worth, philanthropy, and political donations.
Keep reading to learn more about Netflix co-CEO Reed Hastings.
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