Netflix Shares Rise After Bill Ackman Takes Stake

By Katherine Hamilton

Netflix shares rose after Bill Ackman's Pershing Square revealed a stake in the streaming platform.

The stock advanced 4% to $77.32 on Thursday. Despite the intraday gains, shares remain down 15% this year.

Pershing Square disclosed the stake Wednesday, marking a return after the investment firm briefly invested in Netflix in 2022 before selling its position at a loss.

In a shareholder letter, Ackman and Chief Investment Officer Ryan Israel said they had been watching Netflix closely ever since they sold their stake. They still see it as the dominant streaming platform, as its subscriber base is nearly double the combined base of rivals Disney+ and HBO Max.

They are more confident about Netflix now than they were in 2022, when investors were worried about the mounting competition in the industry.

Now, Ackman and Israel think Netflix can easily outspend rivals on content while spreading the cost across a bigger user base.

The executives saw an opportunity when Netflix's share price fell about 50% from its June 2025 high of $134, starting with the uncertainty around the platform's bid for Warner Bros. Discovery.

While investor concerns have persisted about engagement trends and the threat of short-form videos, Ackman and Israel said they see short-form videos as a distinct form of content.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

August 13, 2026 13:32 ET (17:32 GMT)