Top Stories
Top Stories

Carl Icahn cuts his Netflix stake in half

Icahn now has 4.5% stake in Netflix

Investor Carl Icahn disclosed that he is cutting his Netflix stake to 4.5 percent from the 9.4 percent disclosed at the end of June.

"Sold a block of NFLX today," Icahn tweeted late Tuesday. "Wish to thank Reed Hastings, Ted Sarandos, NFLX team and last, but not least, Kevin Spacey," he said, referring to Spacey's starring role in the Netflix original series "House of Cards."

According to a filing with the U.S. Securities and Exchange Commission, Icahn actually began selling shares Oct. 10, though the biggest blocks were sold Tuesday.

Rough day for Netflix

Icahn said in a press release he decided to get out since the stock had gone up 457 percent from his original investment.

(Read more: Netflix shares soar as outlook blows past forecasts)

Netflix shares fell 9 percent during regular trading Tuesday and then dipped another 1 percent in after-hours action. (What's the stock doing now?)

The filing came a day after Netflix delivered strong earnings, as the movie-rental service's investment in original content seems to be paying off.

Twitter will become more valuable: Pro

Netflix said it added more than a million subscribers during the quarter and that it plans to double its investment in original content next year.

(Read more: Traders debate Icahn's Netflix sale)

Netflix CEO Reed Hastings also commented that the company's stock is caught in some "investor-fueled euphoria."


Related Tags