Over the weekend, Netflix Inc. NFLX co-founder Marc Randolph shared his thoughts on wealth, pointing out that true financial security goes beyond material luxuries.
What Happened: Sharing his perspective on X, formerly Twitter, he shared how, despite having the means to buy expensive items like luxury cars or wines, he values practicality over prestige.
He gave an example of Microsoft co-founder Bill Gates – who currently has a net worth of $162 billion – would fly economy, not because he couldn't afford first class, but because he didn't see it as good value.
"In the same vein, I could afford a really nice car at this point, but I've never been a car guy, and I don't need a Lamborghini or a Mazerati [Maserati] (which I can't even spell)," he stated.
See Also: Disney Takes on Netflix With High-Impact Originals in Asia
Adding, "I don't need to drop $1000 on a bottle of wine at dinner either, since I know I'll get the same enjoyment from a $35 bottle."
He concluded by saying that once basic needs are met, the key to wealth lies in flexibility — the ability to choose how to spend your time and prioritize meaningful experiences.
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Why It Matters: As of Aug. 28, 2024, Randolph's net worth was at $100 million, according to Celebrity Net Worth.
He co-founded Netflix on Aug. 29, 1997, with Reed Hastings in Scotts Valley, California.
The inception of Netflix stemmed from Hastings’ frustration with late fees incurred at a Blockbuster store.
The Netflix website launched in April 1998, offering around 900 titles. By 1999, Netflix introduced a subscription model that allowed unlimited rentals for a monthly fee, eliminating late fees.
This approach set the foundation for the company’s evolution into a streaming giant, which began in 2007 when it transitioned to online streaming services.
In 2002, Netflix launched its initial public offering, selling 5.5 million shares at $15 each. In the early years, the stock delivered impressive triple-digit returns to investors.
The streaming giant currently has a market capitalization of $383.76 billion, ranking at number 25 in the list world's most valuable companies.
Last month, Netflix reported $9.825 billion in revenue for the third quarter, marking a 15% increase compared to the previous year. This figure surpassed the Wall Street consensus estimate of $9.769 billion, according to data from Benzinga Pro.
Image: Wikimedia
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