Netflix shares rebound after well-known investor Bill Ackman takes a big stake

Pershing Square Capital Management is now among Netflix’s top 20 shareholders with a purchase of more than 3.1 million shares in the streaming giant, Bill Ackman said in a tweet on Wednesday.

Netflix shares were 4% higher in post-market New York trading hours after Ackman’s announcement.

We recently purchased more than 3.1m shares of @Netflix which makes us a top-20 holder. I have long admired Reed Hastings and the remarkable company he and his team have built. We are delighted that the market has presented us with this opportunity. https://t.co/BNx1EWUVGh
— Bill Ackman (@BillAckman) January 26, 2022

Pershing bought the Netflix shares beginning Friday and over the last few days, funded by the unwinding of the “substantial majority” of its interest-rate hedge, which generated proceeds of $1.25 billion, Ackman said in a letter to Pershing shareholders he tweeted.

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