Netflix beat its earnings targets, but its stock plunged 9% as the co-founder stepped down after 29 years. Typically, when a company reports better-than-expected earnings, its stock rises—but last night, despite Netflix exceeding its profit targets, its shares dropped 9% within minutes. The reason? Investors weren’t focused on the numbers—they were reacting to the news that Reed Hastings, Netflix’s co-founder, was stepping down from the board after 29 years. Analysts see this as losing the “heart of the company,” because Hastings didn’t just build Netflix—he created the entire streaming industry. The 29-year legacy of the man who transformed Netflix from a DVD rental service into the world’s streaming giant has come to an end. The question now: Will Netflix without Hastings still be the same Netflix?