Netflix jumped over 4% in premarket trading after billionaire investor William Ackman took stake in it.
Billionaire investor William Ackman said his hedge fund has acquired 3.1 million shares of Netflix Inc., attracted by the recent stock sell-off.
Pershing Square, his fund, said it acquired a stake in Netflix due to a combination of investors' negative reaction to the streaming company's subscriber growth in the fourth quarter and recent market volatility.
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