Bill Ackman's Pershing Square loses $400 million on Netflix investment

Bill Ackman's investment firm Pershing Square sold all of its Netflix shares in April 2022, losing more than $400 million.

Pershing Square bought around 3.1 million Netflix shares in late January 2022 for about $1.1 billion. At the time, Netflix stock had already fallen 25% because of weak growth forecasts.

Then in April, Netflix reported that it had lost subscribers. The stock dropped another 35% or more. Ackman decided to sell everything.