Netflix Inc. shares fell 35.1% on Wednesday, recording their worst day since 2004, after the streaming giant reported that it lost subscribers in the first quarter.
William Ackman, the billionaire investor whose fund bought more than three million shares of Netflix in January, said Wednesday that the fund had sold its stake at a loss.
William Ackman, the billionaire investor whose fund bought more than three million shares of Netflix in January, said Wednesday that the fund had sold its stake at a loss.
In January, Mr. Ackman said Netflix sported an “attractive valuation”; on Wednesday he wrote, “We have lost confidence in our ability to predict the company’s future prospects.”
The shares shed more than a third of their value, finishing down $122.42 to $226.19. The stock was the S&P 500’s worst performer of the day. Investors had expected that the company would add new users in the quarter.