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Pershing Square Capital Management has reinstated a position in Netflix worth roughly $1 billion, following a reported $400 million loss on the firm's 2022 investment.
The new stake, representing about 5% of the portfolio, was disclosed in the firm's second-quarter filing alongside new stakes in payment networks and a full exit from its Google-parent holding.
Bill Ackman's previous attempt to capitalize on Netflix ended when he exited the position within three months of purchasing it.
At the time, Ackman stated that Pershing had lost confidence in its ability to predict the company's future prospects with sufficient certainty.
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