Business Technology

Wednesday 28 September 2016

Netflix: Carl Icahn sells remaining stake in streaming firm

Published 25/06/2015 | 08:25

Kevin Spacey in House of Cards
Kevin Spacey in House of Cards

Billionaire activist investor Carl Icahn said Wednesday that his firm had sold the remainder of its stake in Netflix and that Apple represented the same opportunity he said Netflix offered years ago.

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"Sold last of our $NFLX today. Believe $AAPL currently represents same opportunity we stated NFLX offered several years ago," Icahn wrote on Twitter.

Icahn's firm owned about 1.4 million shares of Netflix at the end of the first quarter, according to Securities and Exchange Commission filings.

Icahn, who owned about 52.8 million shares of Apple at the end of the first quarter according to regulatory filings, said in an open letter to Apple chief executive Tim Cook on May 18 that Apple shares should be trading at $240 and that he believed the company was poised to dominate the television market by 2016 and the automobile market by 2020.

Netflix shares were last up 1.6 percent at $692.28, while Apple shares were up 1.6 percent at $129.13 in the wake of Icahn's tweet.

Icahn's Icahn Enterprises acquired Netflix shares for an average price of $58, and booked profits on the stock of between $700 million and $800 million in the fall of 2013.

Icahn told cable television network CNBC earlier this year that he sold Netflix shares too soon, admitting that his son Brett and fund co-manager David Schechter were correct to believe the stock was significantly undervalued.

Icahn was not immediately available for comment.

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