Ackman sells $1.1 bn Netflix stock at $400 mn loss after shares fall 35%

Billionaire Bill Ackman has sold his entire stock worth $1.1 billion in Netflix at over $400 million loss three months after acquiring the position. Netflix shares crashed over 35% on Wednesday in their biggest drop since October 2011. "We have lost confidence in our ability to predict the company's future prospects with a sufficient degree of certainty," Ackman said.