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Net-Flex: Netflix Swears Vengeance On Password Sharing
After an awful last quarter and losing $50 billion in a single day, Netflix has decided its problem is non-paying customers.
“The woke mind virus is making Netflix unwatchable,” Elon Musk tweeted on April 19, retweeting the news that Netflix posted a significant loss of subscribers over the last quarter along with his opinion as to the reason.
On the heels of a very disappointing last quarter, Netflix lost 35% in a single day, prompting even major investors to unload their stock.
After the plunge, Bill Ackman of Pershing Square Capital Management fame, sold his entire investment in Netflix at a major loss.
“Today, we sold our investment in Netflix, which we purchased earlier this year,” Ackman admitted in a letter to Pershing shareholders disclosing the sale. “The loss on our investment reduced the Pershing Square Fund’s year-to-date returns by four percentage points. Reflecting this loss, as of today’s close, the Pershing Square Funds are down approximately two percent year-to-date.”