Ackman Piles into Beaten-Down Netflix After Selling Google Stock

Billionaire investor Bill Ackman has made significant changes to his portfolio. In April, he raised $5 billion in new capital for Pershing Square Capital Management.

Ackman's team exited their position in Alphabet after a strong run, selling off the remaining shares in the second quarter.

The team then invested in Netflix, buying more than 13 million shares of the company and giving them a position valued at over $934 million.

Pershing Square Capital Management typically runs a concentrated portfolio of 10 to 12 stocks. Ackman and his team believe that Netflix has been undervalued due to its struggles with short-form video and AI-generated content, but they think these concerns are overblown.