Bill Ackman’s Pershing Square Holdings, which made a high-profile purchase of Netflix shares in January after a dip in the stock price, said it sold the stake today, having “lost confid…
after a dip in the stock price, said it sold the stake today, having “lost confidence in our ability to predict the company’s future prospects with a sufficient degree of certainty.”
stock plunged 35% today as investors bailed following a weaker than expected quarterly report and forecast on Tuesday that showed subscriber growth slowing and no immediate fixes. The woes of the streaming leader could have ripple effects across the sector.Netflix Sheds $54 Billion In Market Value In One Day As Wall Street Regroups On Longtime Darling, Ponders Fallout On Rivals
The company is cracking down on password sharing and, in a big pivot, will launch a tier with advertising like most of its rivals have done or are planning. That would lower the cost and diversify the revenue base but take a few years to get up and running.Today, we sold our investment in Netflix, which we purchased earlier this year. The loss on our investment reduced the Pershing Square Funds’ year-to-date returns by four percentage points.
Yesterday, in response to continued disappointing customer subscriber growth, Netflix announced that it would modify its subscription-only model to be more aggressive in going after non-paying customers, and to incorporate advertising, an approach that management estimates would take “one to two years” to implement.
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