Billionaire investor Bill Ackman returned to Netflix on Wednesday, purchasing 3.15 million shares through his hedge fund Pershing Square after a costly exit four years earlier. As of June 30, the position represents 4.9% of Pershing Square’s portfolio, marking a dramatic reversal from April 2022, when Ackman sold his entire Netflix stake and locked in a loss of more than $400 million.
Ackman’s decision to re-enter Netflix reflects a fundamental shift in his view of the streaming industry. In a statement accompanying the disclosure, Pershing Square said “Netflix has since effectively won the streaming wars” and expects the company to “compound revenue at a double-digit rate.” The hedge fund cited Netflix’s dominant subscriber base—which now exceeds any competitor’s by a wide margin—as the foundation for sustained growth.
Netflix holds a commanding position in global streaming. The platform has 325 million paid subscribers worldwide as of 2026, far ahead of competitors like Amazon Prime Video and Disney+. In the U.S. market, Netflix leads with 27% market share, according to data from July 2026, and its ad-supported tier reaches over 250 million monthly active viewers.
The timing of Ackman’s return comes as Netflix stock has begun recovering from a steep decline. After hitting lows near $66 in mid-July following disappointing guidance in its Q2 earnings report, the stock has climbed back to approximately $74–75 by mid-August. Netflix reported Q2 2026 revenue of $12.56 billion, up 13.4% year over year, though guidance for future quarters raised concerns about slowing growth. The company also executed its largest-ever stock buyback of $4.7 billion in the quarter, with roughly $27 billion in remaining authorization.
Ackman’s 2022 exit came after Netflix reported its first subscriber loss in a decade, triggering a sharp sell-off in the stock. The streaming giant’s shares tumbled 35% to $226.19 at the time, and Ackman’s initial $1.1 billion investment—built over just weeks in January 2022—evaporated into a $400 million loss by April. The quick reversal became a notable misstep for the prominent activist investor, who had publicly championed the company’s business model and pricing power.
Pershing Square’s new position is part of a broader portfolio overhaul disclosed in the hedge fund’s second-quarter 2026 letter. The fund also initiated new stakes in Visa, Mastercard, and S&P Global, signaling Ackman’s confidence in a shifting market environment. For Netflix, the endorsement from one of Wall Street’s most scrutinized investors may signal growing conviction that the streaming wars are indeed settling in the company’s favor, despite near-term volatility in its stock price.
Sources
- Yahoo Finance — Bill Ackman’s Pershing Square buys Netflix stake of 3.15 million shares as of June 30, 2026, representing 4.9% of portfolio
- Benzinga / TradingView — Ackman returns to Netflix four years after $400 million loss; cites Netflix as having “won the streaming wars”
- Reuters — Ackman’s Pershing Square sold Netflix investment in April 2022, locking in $400+ million loss after subscriber decline
- Variety / Deadline — Netflix Q2 2026 revenue of $12.56 billion, up 13.4% year over year; stock fell post-earnings on guidance concerns
- DemandSage / Evoca.tv — Netflix holds 325 million paid subscribers globally; leads U.S. market with 27% share; ad-supported tier reaches 250+ million monthly active viewers
- Bank of America / The Street — Netflix executed $4.7 billion stock buyback in Q2 2026, largest ever, with $27 billion remaining authorization
