Bill Ackman sold the Netflix position at a loss of $ 400 million

William Ackman sold its $ 1.1 billion stake in Netflix. The exit paid the billionaire hedge fund a loss of more than € 400 million after a decline in earnings after the earnings report.

Pershing Square Capital Management, controlled by Ackman, decided to divest 3.1 million Netflix games just three months after acquiring the position following a 35% drop in shares recorded at the last session of the shares as a result of the first drop. subscribers in a decade.

Ackman decided to join the company last January and invested more than $ 1 billion after Netflix announced its disappointing outlook on the stock pressures. But if a stock correction was seen as an opportunity three months ago, the same thing didn’t happen now when the company confirmed it had lost 200,000 subscribers, causing the bonds to sink.

In his brief commentary on the difference, Ackman justified the sale of the venue and added that the proposed changes to the business model, including the inclusion of advertising and the pursuit of unpaid customers, make sense but make the company its own. behavior too unpredictable in a short time.

“While Netflix’s business is fundamentally simple to understand, in light of recent events, we have lost confidence in our ability to predict the company’s future with sufficient certainty.”

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