Ackman Deploys $5 Billion to Buy Netflix and 6 More Stocks

Pershing Square Holdings' Bill Ackman has been busy deploying funds after raising $5 billion through an initial public offering. In a post on X, Ackman revealed that 85% of the new capital had already been invested, and now we know where it went.

Ackman's fund initiated new positions in Netflix (NFLX) and five other stocks in the second quarter. The purchases include Visa, Mastercard, S&P Global, Intercontinental Exchange, and Alcon.

Pershing Square Holdings' interim report explains that the fund bought into Netflix after its 50% decline following an all-time high in June 2025. The stock de-rated from 40 times forward earnings to 21 times due to concerns about competition from artificial intelligence and short-form content on social media platforms.

Ackman and Pershing's Chief Investment Officer, Ryan Israel, stated that 'time reallocated toward short-form video is far more likely to come from share donors like linear TV or lower-quality streaming services than from a utility-like service such as Netflix.'