Bill Ackman Put 4.9% of Pershing Square USA Into the Netflix Trade That Cost Him $400 Million in 2022

Bill Ackman's Pershing Square has reinvested in Netflix with a 3.15 million-share position (4.9% of portfolio) after losing over $400 million on the stock in 2022. This time, Ackman is buying a transformed company with strong margins, growing ad revenue (~$3B expected), and 325M+ subscribers at a lower valuation (25x earnings vs. higher multiples previously). However, decelerating growth (from 16.2% to 11.7% guidance) remains a key risk.