Former Netflix employee guilty of insider trading
By Aron Gerencser September 3, 2021
The Department of Justice has just recently caught a former Netflix employee who made over $4 million with insider trading.
Ex-engineer Sung Mo Jun alongside his brother and a friend amassed over $4 million in illegal wealth between 2016 and 2017, using Jun's insider knowledge as an employee.
Netflix went public in 2002, with stocks going for $15 apiece.
One unit bought in 2002 would today be equal to 14 shares due to stock splits, valued at $7968,66.
Netflix has been on a steady rise in spite of major competition from newcomers like Disney+.
Streaming services did extremely well during the pandemic as millions were stuck at home.
With access to key subscriber data and internal analytics, Sung Mo Jun amassed a fortune.
Both Jun brothers pleaded guilty, and will be sentenced on the 3rd of December.