Investor pulls $1.1 billion out of Netflix after losing $400 million on share plunge
The Metro says a billionaire investor has dramatically pulled his cash out of Netflix following a plunge in the streaming service’s share price.
Netflix stocks took a nosedive this week after the company admitted losing 200,000 global subscribers – it’s first decrease in a decade.
Now billionaire investor Bill Ackman has liquidated the 3.1 million shares he held in the company just three months after buying them.
Ackman’s company, New York-based Pershing Square Capital Management, took a $400 million hit when Netflix share price collapsed.
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