According to a regulatory filing with the Securities and Exchange Commission on Friday, Netflix Inc. (NFLX) Co-Chief Executive Officer Reed Hastings recently bought $20 million worth of shares in the company. 

On Thursday, Jan. 20, after the bell, Netflix projected weaker subscriber growth going forward, causing the stock to plunge. 

In late December 2021, Netflix stock traded at over $620 per share, but on Monday Jan. 24 (following the quarterly report) the stock dropped as low as $351 during the trading day.

With skepticism ruling the market, Hastings purchased 51,440 indirectly owned shares at an average price of $388.83 starting on Jan. 27. 

According to the filling, the stock was purchased on behalf of a Hastings family trust. The transactions increased his beneficially owned shares by 1% to 5.16 million. 

Along with Hastings, Pershing Square Capital Management hedge fund CEO Bill Ackman, in a letter to investors, said starting Friday, Jan. 21, and over the following days, Pershing acquired more than 3.1 million shares of Netflix, “making us a top-20 shareholder in the company.”

Netflix shares closed at $384.36 on Friday, down 0.61% on the day.