$50bn wiped off Netflix as subscriber shock sparks market rout – live updates

Reuters

Ackman’s fund likely feeling the Netflix pain as shares plunge

Three months ago hedge fund manager William Ackman cheered when Netflix’s stock price suddenly dropped, buying up 3 million shares as other investors fretted over weak subscriber growth at the streaming company. On Tuesday, the billionaire investor’s hedge fund, Pershing Square Capital Management, was likely nursing losses as Netflix shares tumbled 26% in after-hours trading after the company reported losing subscribers for the first time in a decade. Ackman, who routinely moves stock prices by buying into or exiting a company, did not say how much he paid for his Netflix stake, which he unveiled to his investors on Jan. 26.