Bill Ackman, the billionaire investor whose fund Pershing Square bought more than three million shares of Netflix in January, said Wednesday that it had sold its stake in the company at a loss
Netflix Inc. shares fell 35.
1% on Wednesday, recording their worst day since 2004, after the streaming giant reported that itWilliam Ackman, the billionaire investor whose fund bought more than three million shares of Netflix in January, said Wednesday that the fund had sold its stake at a loss. In a letter to investors, Mr. Ackman said Netflix would reduce returns at the fund, Pershing Square, by four percentage points. That implies a loss of around $400 million.
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