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Billionaire investor William Ackman liquidated a $1.1 billion bet on Netflix (NFLX.O) on Wednesday, locking in a loss of more than $400 million (Sh46.2 billion) as the streaming service's stock plunged following news that it lost subscribers for the first time in a decade.
Ackman's hedge fund Pershing Square Capital Management made an abrupt U-turn, selling the 3.1 million shares it had bought just three months ago as Netflix' shares tumbled 35% to $226.19.
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