Sold block of NFLX today. Wish to thank Reed Hastings, Ted Sarandos, NFLX team, and last but not least Kevin Spacey: http://t.co/BRWpKOBfD2
Billionaire Hedge Fund Manager Carl Icahn Thanks Kevin Spacey After Cashing In On His Huge Netflix Bet
Billionaire hedge fund manager Carl Icahn sold off part of his stake in Netflix today, capping off a huge run in Netflix’s stock in the past two years and sending the stock down about 10% today.
Icahn disclosed he had purchased about a 10% stake in the company in November last year when the stock was trading at around $60. Since then, the stock has risen more than 400% and is now trading at over $300.
Icahn is still holding onto a 4.5% stake in the company, but decided to lock in more almost $800 million in profit from his sale today.
His sale follows a strong earnings report yesterday, which sent the stock up more than 10% after it beat expectations on the strength of its content and original programming. Netflix’s original content plans paid off with a series of Emmy nominations, which helped bolster subscriber numbers, the company said yesterday.
“As a hardened veteran of seven bear markets I have learned that when you are lucky and/or smart enough to have made a total return of 457% in only 14 months it is time to take some of the chips off the table,” Icahn said in a statement. “I want to thank Reed Hastings, Ted Sarandos and the rest of the Netflix team for a job well done. And last but not least, I wish to thank Kevin Spacey.”