Billionaire investor Bill Ackman’s Pershing Square has returned to Netflix with a 3.15 million share stake, marking a striking reversal after the hedge fund lost more than $400 million on the streaming giant in 2022.
Pershing Square disclosed the position in a semiannual filing on August 12, 2026, revealing that it held 3.15 million Netflix shares as of June 30, representing 4.9% of the fund’s portfolio. Ackman declared in the filing that Netflix has “won the streaming wars,” signaling confidence in the company’s competitive position after years of turbulence in the sector.
The 2022 exit was painful. Ackman bought 3.1 million shares in early 2022 for more than $1 billion, betting on the streaming leader. Within months, Netflix reported its first subscriber loss in a decade, causing the stock to plunge 35 percent. Pershing Square sold the entire position in April 2022 at roughly $225 per share, crystallizing losses exceeding $400 million on the trade.
Netflix’s turnaround since then has been substantial. The company added 41 million paid subscribers in 2024 and reached 325 million total subscribers by the end of 2025, according to its January 2026 earnings report. Revenue hit $39 billion in 2024, up 15.7 percent year-over-year, its fastest growth since 2021. The streaming service has also expanded its advertising tier, which grew 35 percent quarter-over-quarter in early 2025, diversifying its revenue streams beyond subscription fees.
The Netflix investment is part of a broader portfolio reshuffling by Ackman. In August 2026, Pershing Square disclosed six new positions, including stakes in Visa, Mastercard, and S&P Global. Microsoft and Uber remain the fund’s largest holdings. Through July 2026, Pershing Square USA was down 3.5 percent for the year, trailing the broader market’s gains.
Ackman’s return to Netflix underscores a broader investor reassessment of the streaming sector. What once looked like a crowded, unprofitable space has consolidated around a few dominant players, with Netflix emerging as the clear leader in profitability and subscriber scale. The decision to re-enter at a much lower valuation than 2022 reflects both the company’s recovery and Ackman’s willingness to revisit past losses when fundamentals shift.
Sources
- Benzinga — Bill Ackman’s Pershing Square re-enters Netflix with 3.15 million shares; prior 2022 loss exceeded $400 million
- Yahoo Finance — Pershing Square disclosure of Netflix stake as of June 30, 2026; portfolio composition and June filing details
- Investing.com — Pershing Square’s Netflix position representing 4.9% of portfolio; semiannual filing details
- Reuters — Ackman unveils six new investments including Netflix, Visa, and Mastercard; fund performance through July 2026
- Variety — Netflix reached 325 million subscribers by end of 2025; 41 million subscriber additions in 2024
- Data Refs — Netflix 2024 revenue of $39 billion, up 15.7% year-over-year, fastest growth since 2021
- Investors Observer — Netflix ad-tier membership growth of 35% quarter-over-quarter in early 2025
