Why Bill Ackman gave up on Netflix just three months after buying the stock

Pershing Square Holdings, Ltd., in a letter to shareholders, said Wednesday it sold its investment in Netflix Inc. Read More...

American City Business Journals

Netflix stock plunge wipes $12.9 billion in value off Vanguard funds

Vanguard Group funds that hold shares of Netflix Inc. have shed $12.9 billion in value since the start of the year as a result of the streaming giant’s plunging stock price. Netflix (NASDAQ: NFLX) shares were down more than 35% on Wednesday alone after the company reported late Tuesday that it lost 200,000 subscribers from January to March, a sharp reversal from its projections of adding 2.5 million customers. Funds controlled by Vanguard own a combined 33.56 million shares of Netflix as of April 4, or 7.55% of all outstanding shares in the company, according to federal filings.

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