Pershing Square re-entered Netflix at a 4.9% portfolio weighting, reversing a 2022 exit that cost $400 million.
Bill Ackman’s Pershing Square has repurchased Netflix shares, four years after selling an earlier stake for a $400 million loss. The new position represented 4.9% of the firm’s portfolio as of June 30, according to its semiannual report.
Ackman initially bought Netflix in January 2022, investing over $1 billion after subscriber growth disappointed. The stock has since rebounded, with Pershing Square now citing Netflix’s dominance in streaming and expectations for double-digit revenue growth.
The firm noted content costs are rising more slowly than revenue, justifying the reversal. The move highlights challenges in timing individual stock trades, even for high-profile investors.