Bill Ackman Returns to Netflix as Pershing Square Adds Six New Stakes

Investor Bill Ackman has returned to Netflix, adding the streaming company to a group of six new investments disclosed by Pershing Square.

Billionaire investor Bill Ackman has returned to Netflix after exiting the stock at a loss in 2022, calling the streaming company a long-term winner. [Photo: New York Stock Exchange Facebook]

The fund also established new positions in Visa, Mastercard, Intercontinental Exchange, S&P Global and Alcon, Andrew Bary and Janet H. Cho reported for Barron's Daily.

At the same time, Pershing Square exited its investment in Hertz Global, according to the fund's latest portfolio disclosures.

Ackman's investment performance has recently been pressured by declines in some existing holdings, including Meta Platforms and Howard Hughes Holdings.

Ackman previously owned Netflix in 2022 but sold the position after a sharp decline in the company's shares. He said at the time that he had lost confidence in the company's ability to navigate the changing streaming environment.

Pershing Square has now returned to Netflix, arguing that the company has "effectively won the streaming wars." Market reports confirmed that Netflix was among six new investments disclosed by Ackman's funds, alongside Visa, Mastercard, S&P Global, Intercontinental Exchange and Alcon.