The exit of a major shareholder deals another blow to Netflix. Shares in the online video rental store fell 4.4 percent after falling 35 percent on Wednesday on a surprise drop in customers. Billionaire William Ackman’s hedge fund, Pershing Square, reportedly dumped its 3.1 million shares in Netflix, suffering a $400 million loss in the process.
Year-to-date, Netflix stock is down more than 63 percent.
Netflix lost customers in the first quarter for the first time in over a decade and expects the negative trend to intensify in the current quarter. The shares of the streaming market leader lost over 35 percent on Wednesday due to the weak numbers. At the end of March, Netflix had almost 222 million customers worldwide.