William Ackman’s Hedge Fund acquires Netflix’s shares

The hedge fund of famous billionaire investor William Ackman took a significant stake in Netflix. The billionaire has stated that his hedge fund has bought 3.1 million shares of Netflix Inc which amounts to almost 0.68% of the company. This purchase was made after a recent sell-off of the Netflix shares lowering its prices. William Ackman also appreciated Netflix’s CEO Reed Hastings and called his company remarkable. Netflix is one of the most distinguished online streaming platforms competed by Amazon’s Prime Video and Disney+ Hotstar. Despite being an early player in the OTT industry it is not doing so good among the streaming platforms lately. In India too Netflix was notoriously infamous for exorbitant prices. Despite reducing the prices for their subscriptions plans significantly, it provided no immediate relief to the streaming giant. Before this investment was done by the billionaire’s Hedge Fund, there was a selloff of Netflix shares. On the other hand, after the purchase, the value of the shares rose by 4% providing some relief to its investors.