Netflix Inc.’s stock plunge, which is on course to be the second-biggest one-day price decline in its history, has wiped away nearly $6 billion in market value. The stock tumbled $13.96, or 14%, toward the lowest close since Feb. 8, after video streaming service reported second-quarter results late Monday. With about 428.3 million shares outstanding, according to FactSet, the selloff is shaving $5.98 billion from Netflix’s market cap. Co-founder and Chief Executive Reed Hastings, who owned 6.16 million shares as of July 1, according to FactSet, could be losing about $86 million. The stock’s tumble currently ranks second to the $14.06 loss it suffered on April 19, 2016–it lost about $6 billion in market cap on that day–after the company reported first-quarter results. Netflix’s stock went public in May 2002.
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