Bill Ackman Re-Establishes Netflix Position After Losing $400 Million Four Years Ago
Billionaire hedge fund manager Bill Ackman has recently re-established a position in Netflix. He once lost $400 million on the stock four years ago and has now bought 3.15 million shares. The new position accounts for 4.9% of the Pershing Square fund’s investment portfolio. It also reflects Ackman’s renewed confidence that Netflix has won the streaming-platform battle. In early 2022, Pershing Square bought $1 billion worth of Netflix stock at $400 per share. Months later, Netflix reported its first decline in subscribers in decades. The fund then exited the position, selling the shares at $225 each in April 2022 and losing more than $400 million. Netflix stock rebounded to $700 per share in 2023. Ackman’s hedge fund performed poorly in 2022 but rebounded in 2023 and 2024. Ackman has now changed his view. According to Pershing Square’s interim half-year financial report as of June 30, 2026, the fund has re-established its Netflix position. “Since then, Netflix has effectively won the streaming wars,” Pershing Square said. The hedge fund is optimistic about Netflix’s continued financial growth and added: “We expect Netflix revenue to achieve double-digit compound growth, while content-cost growth will remain below revenue growth, continuing to drive margin expansion.” The Netflix purchase is part of a major reshuffling of Pershing Square’s portfolio in 2026. The fund added six major core positions this year, with Netflix being one of them. The fund disclosed that its new positions included Visa, Mastercard and S&P Global. The supplied source text cuts off before the full list of six positions is provided. Despite adding multiple stocks, Pershing Square’s two largest holdings did not change. The first-largest position remained at 1.52 million shares, representing 12.4% of the total portfolio. The name of that holding is not provided in the supplied text. The second-largest position remained at 7.63 million shares, representing 12% of the portfolio. Its name is also not provided in the supplied text. Meta was the third-largest holding, with 913,501 shares. Pershing Square said it had identified a market mispricing opportunity in Netflix. The fund said the company’s “current valuation multiple is at a substantial discount,” allowing it to buy shares of a high-quality industry leader at a highly attractive price.
The new position accounts for 4.9% of the Pershing Square fund’s investment portfolio. It also reflects Ackman’s renewed confidence that Netflix has won the streaming-platform battle.
In early 2022, Pershing Square bought $1 billion worth of Netflix stock at $400 per share. Months later, Netflix reported its first decline in subscribers in decades. The fund then exited the position, selling the shares at $225 each in April 2022 and losing more than $400 million.
Netflix stock rebounded to $700 per share in 2023. Ackman’s hedge fund performed poorly in 2022 but rebounded in 2023 and 2024.
Ackman has now changed his view.
According to Pershing Square’s interim half-year financial report as of June 30, 2026, the fund has re-established its Netflix position.
“Since then, Netflix has effectively won the streaming wars,” Pershing Square said. The hedge fund is optimistic about Netflix’s continued financial growth and added: “We expect Netflix revenue to achieve double-digit compound growth, while content-cost growth will remain below revenue growth, continuing to drive margin expansion.”
The Netflix purchase is part of a major reshuffling of Pershing Square’s portfolio in 2026. The fund added six major core positions this year, with Netflix being one of them.
The fund disclosed that its new positions included Visa, Mastercard and S&P Global. The supplied source text cuts off before the full list of six positions is provided.
Despite adding multiple stocks, Pershing Square’s two largest holdings did not change. The first-largest position remained at 1.52 million shares, representing 12.4% of the total portfolio. The name of that holding is not provided in the supplied text.
The second-largest position remained at 7.63 million shares, representing 12% of the portfolio. Its name is also not provided in the supplied text. Meta was the third-largest holding, with 913,501 shares.
Pershing Square said it had identified a market mispricing opportunity in Netflix. The fund said the company’s “current valuation multiple is at a substantial discount,” allowing it to buy shares of a high-quality industry leader at a highly attractive price.