Bill Ackman Put 4.9% of Pershing Square USA Into the Netflix Trade That Cost Him $400 Million in 2022

Bill Ackman is back in Netflix (NASDAQ: NFLX). His hedge fund, Pershing Square Capital Management, disclosed a position of 3.15 million shares in its Pershing Square USA fund's semiannual report, released Wednesday evening -- a stake amounting to about 4.9% of that fund's portfolio as of June 30.

Netflix shares rose more than 5% on Thursday following the news.

The disclosure is more interesting than the usual hedge fund filing because Ackman has been here before. Pershing Square put more than $1 billion into Netflix in early 2022 -- and sold the entire stake about three months later, locking in a loss of more than $400 million.

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