Billionaire investor Bill Ackman is returning to Netflix after losing more than $400 million on the streaming company in 2022, as his Pershing Square investment firm reshapes its portfolio with six new stock positions.
Pershing Square disclosed a 3.15 million-share stake in Netflix as of June 30, representing about 4.9% of its portfolio. The investment marks Ackman’s return to the streaming company after Pershing Square sold its previous position at a loss following Netflix’s subscriber decline in 2022.
Ackman and Pershing Square Chief Investment Officer Ryan Israel said they believe Netflix has since “effectively won the streaming wars.” The firm expects Netflix to maintain double-digit revenue growth while expanding profit margins as content costs grow more slowly than revenue.
Pershing Square’s latest portfolio overhaul also includes new positions in Visa, Mastercard, S&P Global, Intercontinental Exchange and Alcon. The stakes in Alcon and Intercontinental Exchange were acquired after June 30, according to the firm’s disclosure.
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The move represents one of Ackman’s biggest portfolio shifts in years. Reuters reported that the six new investments reflect a broader effort to identify companies capable of delivering strong earnings growth, which Ackman considers a key driver of long-term investment value.
Pershing Square’s decision to return to Netflix is particularly notable because of the earlier investment’s sharp reversal. Ackman began building the position in January 2022, committing more than $1 billion. After Netflix reported its first subscriber loss in years and its stock plunged, Pershing Square exited the investment within months, taking a loss of more than $400 million.
This time, Ackman sees a different Netflix. The firm points to the company’s subscriber scale, revenue growth prospects and improving margins, while also highlighting its valuation relative to expected growth.
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Pershing Square’s latest disclosure comes as investors continue to assess how artificial intelligence will reshape established businesses and financial markets. The firm’s second-quarter letter said the market’s strong focus on AI had created opportunities in other companies, according to Quartz.
Microsoft remains Pershing Square’s largest disclosed holding, with 1.52 million shares representing 12.4% of the portfolio. Uber accounted for 12%, followed by Meta at about 9%, according to the disclosure.
The new Netflix position suggests Ackman is willing to revisit a company that previously delivered a major loss when he believes its underlying investment case has changed.
For Netflix, the renewed backing from one of Wall Street’s most closely watched investors provides another signal that the streaming company’s competitive position and financial outlook have improved since Ackman’s first bet in 2022.