The new date is Jan 26, 2022, 07:32pm.
William Ackman, founder and CEO of the hedge fund management company, announced Tuesday that the company purchased 3.1 million shares of the video streaming service.
Two seats on Valeant's board of directors are up for grabs, as the Senate Specials Committee on Aging holds a hearing on drastic price hikes by Valeant and a handful. The photo was taken byManuel Balce Ceneta.
According to a letter to its investors released Wednesday, the purchase makes Pershing Square a top-20 shareholder.
After the fourth-quarter earnings report from Netflix showed a continuing trend of declining subscriber growth, the company's stock price went up.
The disappointing report caused a 30% dip in the share price.
Moderna is the S&P 500's worst-performing stock of the year so far, with a decline of 42%.
Following Ackman's announcement, shares of Netflix were up 4.9%.
In his letter to investors, Ackman said that the purchase was funded using the interest rate hedge.
The increase in the number of people staying home helped to slow the growth of the subscriber base. It reported a net increase of 8.28 million global streaming subscribers in its fourth quarter last Thursday, marking an 8.9% gain over the same quarter a year ago. According to a report, at least nine firms cut their recommendation of the company after the fourth-quarter report was released. Competition from services like Disney +, Amazon Prime and HBO Max are becoming a bigger problem now, according to a report.
Ackman wrote in the letter that they have admired the company. He pointed to the streaming service's highly favorable characteristics, such as its subscription based revenue and industry-leading content.
$3.1 billion. Forbes estimates that Ackman is the 368th-richest American and the 1,111th-richest person in the world. Activist wins on Fortune Brands, Allergan and Canadian Pacific were among the things he achieved.
All Rights Reserved © 2024
