The Last Time Bill Ackman Bought Netflix He Lost $400 Million. Here's Why He's Back In For 3 Million Shares

Bill Ackman’s Pershing Square has returned to Netflix after previously exiting in April 2022, when it reportedly sold its stake at an estimated ~$400 million loss following a subscriber miss that cratered the shares. The update is more about investor positioning and sentiment than fresh fundamentals, implying a cautious read-through for Netflix’s near-term outlook.

Analysis

Bill Ackman’s Pershing Square has returned to Netflix after previously exiting in April 2022, when it reportedly sold its stake at an estimated ~$400 million loss following a subscriber miss that cratered the shares. The update is more about investor positioning and sentiment than fresh fundamentals, implying a cautious read-through for Netflix’s near-term outlook.