Why Carl Icahn dumped his last Netflix shares

By Benjamin SnyderManaging Editor
Benjamin SnyderManaging Editor

Benjamin Snyder is Fortune's managing editor, leading operations for the newsroom.

Prior to rejoining Fortune, he was a managing editor at Business Insider and has worked as an editor for Bloomberg, LinkedIn and CNBC, covering leadership stories, sports business, careers and business news. He started his career as a breaking news reporter at Fortune in 2014.

Key Speakers At The Robin Hood Investors Summit
Billionaire activist investor Carl Icahn speaks during a Bloomberg Television interview at the Robin Hood Investors Conference in New York, U.S., on Tuesday, Oct. 21, 2014. Icahn said Warren Buffett is sometimes "way too easy" on companies in which his Berkshire Hathaway Inc. invests.
Photograph by Peter Foley — Bloomberg via Getty Images

Carl Icahn announced on his Twitter Wednesday that he’s sold his last Netflix shares.

Icahn Enterprises, which owned about 1.4 million Netflix shares at the end of 2015’s first quarter, made the move after Netflix (NFLX) announced approval of a 7-for-1 stock split, according to CNBC.

Per the publication:

The split will come in the form of a dividend of six additional shares for each outstanding share, Netflix said. It is payable on July 14 to stock owners of record at the July 2 close. Trading at the post-split price will start July 15.

CNBC reported, too, that Netflix stocks dipped slightly after Icahn’s message on the social media service.

Here’s Icahn’s Twitter message announcing the decision:

Netflix has expanded in recent years becoming not only a streaming service for television and film, but also a developer of new movies and TV shows.