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I'm pretty sure it was stock based. For one, Netflix is like, completely different than the rest. They only hire senior engineers and basically substitute a talent pipeline with giant wages.

FAANG internships always sounded weird, considering, y'know, Netflix doesn't do internships.

I think Netflix is just in there because FAANG sounds cool.

I always thought Big 4 was because they were basically the top 4 biggest market cap companies in the US

I’m not sure if Netflix ever had market capitalization higher tahn Microsoft

The term was coined by Jim Cramer as the group of well performing tech stocks