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Benzinga
Benzinga
Entertainment
Neer Varshney

Bill Ackman Exits Netflix Stock After $400M Loss

Netflix Pershing Square Nasdaq Reed Hastings

Bill Ackman’s Pershing Square Capital Management exited its position in Netflix (NASDAQ: NFLX) on Wednesday, the billionaire hedge fund manager told shareholders in a letter.

The Loss: Pershing Square built the Netflix stake three months ago, buying 3.1 million shares at an average price of about $354 per share.

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