Bill Ackman Admits He Was Wrong on Netflix Bet
Bill Ackman Admits He Was Wrong on Netflix Bet
(Bloomberg) -- Bill Ackman isn’t afraid to say he got his Netflix Inc. play wrong.
“I’m 100% ready to admit when I’m wrong and 100% ready to admit when I’m wrong, quickly,” Ackman told CNBC’s Scott Wapner regarding Pershing Square Capital Management’s sale of its Netflix holdings.
@BillAckman tells @ScottWapnerCNBC about his exit in $NFLX: âIâm 100% ready to admit when Iâm wrong and 100% ready to admit when Iâm wrong, quickly.â pic.twitter.com/RrzahMR02a
â Squawk Box (@SquawkCNBC) April 21, 2022
Ackman became one the streaming company’s 20 largest shareholders this year in a bet that lost over $430 million in less than three months. Pershing Square said April 20 it had sold its Netflix holdings.
“This might work with someone with a portfolio with smaller positions. But when you have eight or nine investments that are large it’s hard to have bets where the dispersion of outcomes can be so wide,” Ackman told Wapner.
The billionaire added that Netflix is a “great company run by a great management team” but the current degree of uncertainty doesn’t make it a great fit for the Pershing Square portfolio.
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