Bill Ackman Re-Enters Netflix Position After 2022 Exit
Bill Ackman's hedge fund Pershing Square Capital Management has re-entered a significant position in Netflix after exiting the stock at a $400 million loss four years earlier. As of June 2026, the firm holds a stake representing approximately 4.9% of its portfolio and valued around $950 million. Ackman cited improved financial performance by Netflix as justification for his return to the position. Netflix has seen substantial improvements since Pershing Square's exit in early 2022. The company generated $9 billion in free cash flow in 2025, and its subscriber base surpassed 325 million paid memberships at year-end, up nearly 8% from a year earlier. Ackman believes the streaming giant has won the so-called 'streaming wars' and is now positioned for sustained earnings growth. Netflix's advertising business also shows strong momentum, with ad-tier revenue expected to reach $3 billion in 2026—double its previous level—and significant expansion of programmatic ad partnerships. However, Wall Street remains divided over Netflix’s outlook due to slowing viewing hours and decelerating revenue growth.
Topics: Bill Ackman Netflix Pershing Square Capital Management Stock Investment