Netflix stock rose 8% on Thursday, after hedge fund Pershing Square revealed that it has become a top 20 investor in the stock.
Netflix subscriptions surged as the COVID-19 pandemic hit, but growth is slowing as businesses reopen and competition from streaming rivals rises.Pershing Chief Executive Bill Ackman said on Twitter that his firm recently purchased more than 3.1 million shares in Netflix. That’s about a 0.
Wang speculated that Ackman may try to boost the price of Netflix shares by pressing the company to spend less on content. NetflixFollowing Netflix’s earnings report, investors expressed concern about the slowdown in subscriber growth, despite having a strong quarter filled withlike “Red Notice” and the second season of “The Witcher.” Netflix added 8.3 million new subscribers in the fourth quarter, missing its internal projections of 8.5 million.
The company estimated it would add 2.5 million subscribers in the first quarter, compared with 4 million a year ago. Netflix cited macroeconomic conditions in places like Latin America and downplayed the effects of competition from other streaming services.
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