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Bill Ackman's Pershing Square reveals $1.1 billion Netflix stake after buying 3.1 million shares in 4 days

Added 01-26-22 09:14:02pm EST - “Ackman's Pershing Square invested in Netflix after the streaming giant's stock price tumbled by a third in a matter of weeks.” - Markets.businessinsider.com

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Posted By TheNewsCommenter: From Markets.businessinsider.com: “Billionaire investor Bill Ackman reveals a $1.1 billion Netflix stake — and says his hedge fund bought about 3.1 million shares since Friday”. Below is an excerpt from the article.

Ackman's Pershing Square has snapped up more than 3.1 million Netflix shares since Friday, giving it a roughly $1.1 billion stake, the billionaire investor revealed. His hedge fund's 0.7% stake makes it one of the video- streaming giant's 20 largest shareholders, he noted.

Ackman and his team pounced on Netflix stock following its precipitous decline in recent weeks. The company's shares have almost halved in value since peaking at $701 in mid-November, and have plunged by 29% in the past four trading days alone.

The latest decline was sparked by Netflix reporting disappointing subscriber growth in the fourth quarter, and warning that increased competition and pandemic-related disruptions would likely weigh on subscriber growth this quarter.

Netflix shares have also been caught up in the broader sell-off of technology stocks this week, which was fueled by concerns about inflation and the prospect of the Federal Reserve hiking interest rates this year.

"I have long admired Reed Hastings and the remarkable company he and his team have built," Ackman tweeted, referring to Netflix's cofounder and co-CEO. "We are delighted that the market has presented us with this opportunity."

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