TOP NETFLIX shareholder Bill Ackman has sold his stake in the world's largest streaming service, sending further shockwaves for the fallen pandemic darling.

It comes as the company lost $50bn (£38bn) in value over the past few days after shares were sent into a frenzy following reports that the firm had lost 200,000 subscribers and predicted a further 2.5m losses.

The billionaire added Netflix to the portfolio of FTSE 100-listed Pershing Square at the start of the year after describing the US giant's earlier fall in value as an exciting opportunity for investment.

Despite telling investors at the time that he was "all-in on streaming", he seems to have backtracked on this suggestion, citing the uncertainty of Netflix's future as the key driver for his sell up. It is understood the share fall cost Pershing $400m.

"While we believe these business model changes are sensible, it is extremely difficult to predict their impact on the company's long-term subscriber growth, future revenues, operating margins, and capital intensity," Ackman said in a statement.

(c) 2022 City A.M., source Newspaper