Netflix Inc didn't win out in its attempt to acquire Warner Bros. Discovery, losing out to winner Paramount Skydance. Netflix shareholders could have the last laugh with shares rising since passing on a higher bid.

Some analysts see Netflix as the winner in the battle for Warner Bros. Discovery by walking away from a higher bid to preserve capital and its current growth methods that have been working. Netflix also gets over $2 billion from walking away from the deal.

While Netflix stock could gain more in the future, Chairman and co-founder Reed Hastings isn't waiting to see how much higher shares can go in the short term.

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A recent filing from Hastings shows the co-founder exercised stock options to acquire 410,550 NFLX shares at a price of $9.667 each. Hastings sold the majority of those shares at prices ranging from $95.33 to $98.05.

In total, Hastings made $39.8 million from selling stock, leaving only 3,940 of the shares acquired from the options.

After the sales, Hastings owned 3,940 direct shares and 21,159,576 shares indirectly through a trust.

The trades were part of a prearranged Rule 10b5-1 plan from Hastings. Prearranged plans can sell stock or options based on certain times or prices.

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Hastings is not the only Netflix executive to sell shares recently. Several other executives recently sold shares after the streaming giant decided not to raise its offer for Warner Bros. Discovery.

Among the sellers were Chief Financial Officer Spencer Neumann, who sold over $5 million in shares.

The trades by Netflix executives also follow recent trades made by Warner Bros. Discovery executives.

Warner Bros. Discovery CEO David Zaslav sold over $100 million in WBD shares recently as his company is set to be acquired by Paramount Skydance if approved by regulators.

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This article Netflix Didn't Get Warner, But Chairman Reed Hastings Just Cashed Out $39.8 Million In Stock originally appeared on Benzinga.com