Billionaire investor William Ackman has built a new stake in streaming service Netflix Inc worth more than $1 billion since its stock price tumbled starting last Thursday.
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Ackman told investors that his hedge fund, Pershing Square Capital Management, started buying on Friday and now owns more than 3.1 million shares in Netflix, making Pershing Square a top 20 shareholder.
In a letter to his clients, Ackman praised the company's "best-in-class management team" and on Twitter the manager said he has long admired Netflix CEO Reed Hastings and the "remarkable company he and his team have built."
Netflix shares climbed as much as 5per cent in after-hours trading. They had tumbled more than 30per cent in the last five days, a much steeper swoom than the broader market. After the market closed last Thursday, Netflix forecast weak subscriber growth.
Ackman, whose firm invests $22.5 billion, wrote that he had been analyzing Netflix at the same time he was investing in Universal Music Group and was ready to buy when Netflix' "stock price declined sharply last Friday."
"Now with both UMG and Netflix, we are all-in on streaming as we love the business models, the industry contexts, and the management teams leading these remarkable organizations."
To raise the cash to make the Netflix purchase, Ackman said the firm unwound a big piece of its interest rate hedge which generated profits of $1.25 billion.