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Ackman Loses More Than $430 Million on 3-Month Netflix Bet

  • Ackman’s Pershing Square sells 3.1 million-plus Netflix shares
  • Streaming pioneer’s plunge makes it S&P 500’s worst performer
Bloomberg business news
Netflix Craters After Shock Subscriber Drop
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Bill Ackman ditched his stake in Netflix Inc. after losing more than $430 million on his investment in less than three months.

Ackman’s Pershing Square Capital Management said Wednesday it had sold its Netflix holdings after the streaming TV pioneer reported an unexpected drop in subscribers in the first quarter and projected an even steeper decline in the current one. Netflix shares tumbled 35% to $226.19 at the close in New York, making it the worst performer in the S&P 500 this year.