Ackman Reboots Netflix Bet With 3 Million Shares

Bill Ackman is quietly rebuilding a Netflix stake of about 3 million shares as part of Pershing Square's broad portfolio overhaul—his first Netflix position since exiting in 2022 after a subscriber miss that cost roughly $400 million. The move, disclosed as part of a six-name reshuffle that also included Visa, Mastercard, Alcon, ICE and S&P Global, places NFLX at roughly 4.9% of the fund. Supporters argue Netflix's dominant installed base and monetization path (ads, price hikes, buybacks) can drive meaningful earnings growth, with the stock trading around 20x forward earnings and potential 42% earnings growth; Netflix rose on the news but remains well off its 52-week high.