Netflix (NFLX) stock rose over 5% yesterday, Aug. 13, after Bill Ackman’s Pershing Square Holdings (PSHZF) disclosed a stake in the company. Incidentally, the legendary fund manager previously exited Netflix in 2022, which was arguably a tumultuous time for the streaming giant as it lost subscribers in the first half of 2022 for the first time in a decade. It did not help that there was this brutal tech selloff that year. Meanwhile, in hindsight, exiting Netflix was among Ackman’s biggest mistakes, as not only did Pershing Square lose $400 million on that investment, but it also notionally lost out on the stellar rally over the next couple of years.
