A late-night post from President Donald Trump has dragged Reed Hastings back into the spotlight, just as Netflix Inc‘s (NASDAQ:NFLX) stock tumbled and the company confirmed his board exit.
Trump, writing on Truth Social on Friday, questioned whether Hastings was “forced” off the board, adding a political edge to what was already a consequential week for the world’s largest streaming platform.
Post-WBD Stock Rally Fades Quickly
Netflix shares closed down 9.7% at $97.31 on Friday, marking their steepest one-day drop in nearly six months, after a disappointing second-quarter outlook overshadowed an otherwise strong first-quarter report. The decline also erased a chunk of recent gains. Since walking away from its proposed deal for Warner Bros. Discovery (NASDAQ:WBD), the stock had surged more than 28%, as investors cheered the decision to avoid a complex, capital-intensive acquisition.
The Los Gatos, California-based company said Hastings, who helped turn Netflix from a DVD-by-mail outfit into a global streaming powerhouse, will step down from the board when his term ends in June.
Hastings, who stepped down from the CEO role in 2023 but stayed on as executive chairman, framed the move as a transition toward philanthropy.
Netflix noted that his decision is not tied to any disagreement.
Why Hastings Draws Fire
Hastings is one of Silicon Valley’s most prominent Democratic donors, with a long history of backing liberal causes and candidates. He has also been openly critical of Trump in the past, once warning that his presidency could damage the country.
That political profile potentially makes him an easy target, with Trump having targeted corporate leaders in the past.
At the same time, Hastings has shown he’s not entirely predictable. In 2025, he surprised the tech world by supporting Trump’s proposed $100,000 H-1B visa fee—calling it a “great solution” to prioritize high-skill immigration— even as much of Silicon Valley pushed back against the policy.
Image via Shutterstock
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