Pershing Square Capital Management founder Bill Ackman has sold his entire stake in Netflix at a major loss. The move is an about face for Ackman, who made a big buy in the company in January. The sale comes a day after Netflix disclosed that it had lost 200,000 subscribers in its latest quarter, bringing its total number of global members to 221.64 million. Wall Street wasn’t impressed and Netflix stock fell a steep 35 percent on Wednesday as multiple analysts issued downgrades to the stock target price. “We have lost confidence in our ability to predict the company’s future prospects with a sufficient degree of certainty,” Ackman wrote in a letter to shareholders of Pershing. “Based on management . . .
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