Ackman Looks for Netflix Redemption: Here's How Much He Could Have Made Holding His 2022 Stake

The article is a retrospective on Netflix and Bill Ackman’s 2022 investment mistake, not a fresh company catalyst. It recounts how Pershing Square bought 3.1 million NFLX shares for more than $1 billion in January 2022, then exited later that year after a weak earnings report and uncertainty around ad-supported streaming. The piece argues Ackman would have made far more by holding: the original stake would now be worth about $2.39 billion after Netflix’s 10-for-1 split in 2025, implying roughly $1.27 billion in missed profits versus the highest purchase price. The article also frames Netflix’s recent positioning positively, saying the company has effectively won the streaming wars, expects double-digit revenue growth, and sees margin expansion from content costs growing more slowly than revenue. Market impact is limited because the story is largely commentary on past performance and current valuation, but it reinforces a bullish narrative around NFLX’s long-term business strength.