NEW YORK: American investor Bill Ackman has sold his stakes in Netflix, after facing a loss of $430 million.Â
The decision from Ackman’s Pershing Square Capital Management came at a time when the streaming movie and TV giant reported an unexpected drop in subscribers in the first quarter of 2022, Bloomberg reported.
It was around three months back that Ackman amassed a stake worth $1.1 billion in Netflix.Â
When Ackman bought 3.1 million shares in Netflix, the value per share was $360. However, shares in Netflix tumbled in the past few days, and on Wednesday, they closed at $226.19.Â
Ackman's holdings in Netflix would have been worth about $700 million as of Wednesday’s closing.
