Icahn Sold 16% of Netflix Stake in First Quarter

May 15 (Bloomberg) -- Carl Icahn sold about 16 percent of his stake in Netflix Inc. during the first quarter, leaving him with 2.24 million shares worth about $773 million.

The billionaire sold 420,958 shares of Netflix during the period, according to a regulatory filing today. He continues to hold a 3.7 percent stake in the Los Gatos, California-based video-streaming company, data compiled by Bloomberg show.

The sale marked the biggest single reduction in Icahn Associates’ holdings, excluding options, warrants and bonds, during the period, according to data compiled by Bloomberg. Netflix has retreated 24 percent from its all-time closing high of $454.98 set on March 4.

Netflix fell 2.2 percent to $344.19 at the close in New York. The stock has declined 6.5 percent this year. Icahn paid an average of $58 a share for his shares, according to an October announcement when he began reducing his position.

To contact the reporter on this story: Rob Golum in Los Angeles at rgolum@bloomberg.net

To contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net James Callan