Carl Icahn Reports Sale of 2.99M Shares of Netflix

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Oct. 22 (Bloomberg) –- Bloomberg’s Trish Regan reports on billionaire Carl Icahn lowering his stake in Netflix. She speaks with Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

Icahn and netflix.

Trish regan is in the newsroom with details.

Carl icahn selling a huge stake in netflix stock.

Half of what he owns.

He had a nine percent stake, or five point 5 million shares.

He sold about 2.90 9 million shares and he tweeted about it, saying i sold a block of netflix today.

Wish to thank reed hastings and the netflix team.

And kevin spacey.

A bit of a sense of humor there.

Interesting -- we did hear from read hastings, saying he was concerned about the euphoria in the stock rise.

This is a stock up 280% this year.

Carl icahn is always looking to make money for himself and his fund.

Think about the other stocks he is exited her recently.

He sold his stake in web m.d.. he was talking about his three- year relationship with carl.

A fascinating, intriguing story.

The stock went from $20 to $80 and carl chose to leave after three years after quite a ride.

When something is up 280%, you start to wonder.

Maybe this is an opportunity for him here.

The shares are down about 2% in after-hours trading.

Is this in any way a challenge to the business model of netflix or purely a profit move?

Lex i'm sorry, say that again.

I had a technical issue.

Is the sale of these 2.9 million shares just because he can book a profit or is it a question about the business model.

It's a great question, but he is still in the stock and has a little less than half of what he originally owned grade he is still invested and told me previously this is a company he believes in for the long term.

We heard read hastings say he wants to take over the number of subscribers hbo had internationally.

Right now they are at 30 million and have taken over the slot.

Can the company do that internationally?

It would suggest tremendous growth potential ahead if they can do it.

One would have to think carl believes in the company of he's sticking by with more than half the shares he owns.

Nonetheless, an opportunity perhaps.

Read hastings himself says there's a lot of euphoria in the stock and carl acting on the euphoria and booking a little profit trade there wasn't always this euphoria about netflix shares.

When he added his position, not everybody was agreeing with him.

I remember that they so well.

He came on our program live as soon as the announcement was made that he was taking a stake.

He saw a lot of downside in that stock.

Even today he announced it, the stock was under some pressure.

He called it and was right.

This text has been automatically generated. It may not be 100% accurate.

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