Bill Ackman sold his interest in Netflix for a loss of $ 430 million many months after purchasing the stock. This occurs against the backdrop of the stock’s recent decline and the release of its financial statements. In the last three months, Ackerman has built a $ 1.1 billion investment, making him one of the company’s greatest stockholders.
In January, the investor purchased 3.1 million Netflix shares at a price of around $ 360 per share. The corporation ended the trading day at a price of $ 226.19 per share last night. Ackman’s hedge fund, Pershing Square, “has lost confidence in our ability to foresee the future prospects of a sufficient lack of certainty,” according to a letter to investors.
The sale follows the release of Netflix’s quarterly reports, which claimed that the firm lost 2,000,000 members in the first quarter and will lose another 2 million in the second quarter – leading to the company’s stock plummeting 35 percent in value last night (Wednesday). 60 billion dollars.