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Evening Standard

Business

Mark Banham

Hedge fund boss Bill Ackman takes £300 million hit dumping Netflix stake

Bill Ackman Netflix

Perishing Square Capital Management CEO Bill Ackman
(Picture: Bryan Bedder/Getty Images for The New York Times)

New York hedge fund supremo Bill Ackman has cancelled his Netflix - incurring a hefty cost as a result.

Ackman’s company Perishing Square has dumped its stake in Netflix at a loss of $400 million (£306 million) after the streaming business suffered a 35% drop in its share price on Wednesday.

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