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

January 26, 2022, 11:12 PM UTC

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.

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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