US hedge fund billionaire sells Netflix stake at huge loss

Bill Ackman's Pershing Square fund dumps 7% stake for $400m loss after streaming service's value plunges

The billionaire hedge fund manager Bill Ackman has sold his shares in Netflix at a loss of about $400m (305m), reversing his bullish position in the streaming giant after it reported an outflow of more than 200,000 subscribers.

The New York-based investor bought more than $1bn of Netflix shares in January, despite grim forecasts about the company's subscription levels. Ackman said at the time that the subsequent drop in the share price had presented an attractive" opportunity for his Pershing Square fund.