Ackman re-entered Netflix while the stock trades deeply out of favor, having turned $1,000 into just $635 over the past year. Ackman added MA and V alongside Netflix in his biggest portfolio overhaul in years, even as PSUS sits down 3.5% for 2026. Netflix's ad tier drove over 60% of new Q1 sign-ups, and management targets $3 billion in ad revenue for 2026.
The most widely read finance newsletter on Substack isn't published by a bank, it's Doomberg, where 383,000+ readers get the energy and macro analysis the mainstream press misses. 24/7 Wall St. readers save 17% on their first year here. Bill Ackman is back in Netflix (NASDAQ:NFLX). On Thursday, August 13, 2026, Ackman unveiled six new holdings in his biggest portfolio overhaul in years, including Netflix, Mastercard (NYSE: MA), and Visa (NYSE:V).
Per , he said the shares were acquired starting in the second quarter and will be held in his investment funds, including Pershing Square USA (NYSE:PSUS). He held Netflix briefly in 2022 and sold at a loss. He is re-entering while the stock trades deeply out of favor.
Today's Netflix differs from the growth-at-all-costs streamer of 2022. The company has crossed 325 million paid subscribers, and its ad-supported tier has become the primary on-ramp for new members. The ad tier represented over 60% of all Q1 sign-ups in countries where ads are available, with the advertiser count growing 70% year over year to more than 4,000 clients.
Management expects ad revenue to roughly double to around $3 billion in 2026. The buyback engine is substantial. Netflix repurchased $4.7 billion worth of its shares in Q2 2026, its largest buyback quarter ever, with $27.1 billion remaining under authorization.
After walking away from the Warner Bros. deal, Netflix collected a $2.80 billion termination fee and resumed aggressive stock buybacks. Before Doomberg published a word, its team spent long careers in heavy industry, private equity, and the hard sciences. They take no advertisers and serve no institution — which is why their lateral-thinking coverage of energy, finance, and geopolitics reads nothing like consensus financial media.
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