Ackman's Pershing Square takes new position in Netflix

By Svea Herbst-Bayliss
FILE PHOTO Bill Ackman CEO of Pershing Square Capital speaks at the Wall Street Journal Digital Conference in Laguna Beach California U.S. October 17 2017. REUTERSMike BlakeFile Photo

FILE PHOTO: Bill Ackman, CEO of Pershing Square Capital, speaks at the Wall Street Journal Digital Conference in Laguna Beach, California, U.S., October 17, 2017. REUTERS/Mike Blake/File Photo

BOSTON (Reuters) -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.

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.

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