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Bill Ackman sells entire Netflix stake at roughly $400mn loss

Bill Ackman has sold his stake in Netflix at a roughly $400mn loss just months after acquiring the position, in the latest blow to the streaming company that saw its market value collapse on Wednesday following a decline in subscribers. Ackman’s decision to exit the world’s largest streaming platform came three months after he amassed a stake worth $1.1bn — making his Pershing Square vehicle a top-20 shareholder in Netflix — and pledged to focus on the “long-term horizon”. The move by Ackman capped a painful 24 hours for Netflix, which lost close to 40 per cent of its market value, a decline of almost $60bn, after it revealed that its once-blistering subscriber growth had gone into reverse. Read More...

Bill Ackman has sold his stake in Netflix at a roughly $400mn loss just months after acquiring the position, in the latest blow to the streaming company that saw its market value collapse on Wednesday following a decline in subscribers. Ackman’s decision to exit the world’s largest streaming platform came three months after he amassed a stake worth $1.1bn — making his Pershing Square vehicle a top-20 shareholder in Netflix — and pledged to focus on the “long-term horizon”. The move by Ackman capped a painful 24 hours for Netflix, which lost close to 40 per cent of its market value, a decline of almost $60bn, after it revealed that its once-blistering subscriber growth had gone into reverse.

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