Bill Ackman's Pershing Square Took a New Stake in Netflix in 2026, Years After a Money-Losing Bet on the Stock. Why He Says This Time Is Different.

Bill Ackman's Pershing Square bought a new $1 billion stake in Netflix in 2026, years after exiting a $1.25 billion position in early 2022 at a loss. Ackman initially sold due to Netflix's introduction of an ad-supported tier, which reduced his confidence in predicting the company's future. He has since regained confidence as Netflix dominated the streaming wars, expanded into advertising and live programming, and demonstrated strong free cash flow growth and share buybacks. Ackman now expects Netflix to achieve approximately 20% annualized EPS growth.