Netflix Inc. CEO Reed Hastings gave his thumbs-up toFacebook by buying about $1 million worth of its stock.
Hastings is a Facebook board member and the first insider at the social mediacompany to disclose buying its stock since its initial public offering in May.
Facebook's stock has fallen nearly 45 percent since it first sold public sharesto investors at $38. It was one of the most anticipated IPOs, but investorshave been questioning its ability to keep increasing its revenue.
Purchase by company executives or directors are typically considered a vote ofconfidence in the company.
A regulatory document filed Thursday with the Securities and ExchangeCommission shows that Hastings bought nearly 48,000 shares on Wednesday at$21.03 each. Facebook Inc.'s stock closed that day at $20.72.