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Netflix Gets Lift From Ackman Endorsement After Stock’s Decline

  • Investor’s firm purchased more than 3.1 million Netflix shares
  • Netflix shares rise Thursday for first gain since Jan. 19
Bill Ackman

Bill Ackman

Photographer: Christopher Goodney/Bloomberg
Updated on

Netflix Inc. rose by the most in a year after hedge fund magnate Bill Ackman acquired more than 3.1 million shares in a vote of confidence following a recent collapse in the streaming giant’s stock price.

Ackman’s firm, Pershing Square Capital Management, is now among Netflix’s top 20 shareholders, the investor said in a tweet on Wednesday. Netflix jumped 7.6% as of 10:05 a.m. in New York on Thursday, the most on an intraday basis since January 2021 and heading toward what would be only the stock’s third positive day this year.