Bill Ackman Put 4.9% of Pershing Square USA Into the Netflix Trade That Cost Him $400 Million in 2022
The famed investor is back four years later. What he's buying looks almost nothing like what he sold.
Overview
Bill Ackman is back in Netflix (NASDAQ: NFLX). His hedge fund, Pershing Square Capital Management, disclosed a position of 3.15 million shares in its Pershing Square USA fund's semiannual report, released Wednesday evening -- a stake amounting to about 4.9% of that fund's portfolio as of June 30.
Netflix shares rose more than 5% on Thursday following the news.
Details
The disclosure is more interesting than the usual hedge fund filing because Ackman has been here before. Pershing Square put more than $1 billion into Netflix in early 2022 -- and sold the entire stake about three months later, locking in a loss of more than $400 million.
Source
Originally published at www.fool.com.