Netflix on Foolish billionaire sell list
The other two were Celgene and Johnson & Johnson.
The billionaire shedding Netflix shares is Carl Icon.
According to MF’s Leo Sun, Icahn has gone from 5.4 million share in October 2012 to 1.4 million as of Q3 2014, with a stake decrease of almost 10% to 3.7%.
Sun sees two possible explanations:
Icahn is simply cashing in at a profit.
Icahn thinks the stock lacks growth potential.
There was the infamous day in October when the stock plunged 26% on disappointing subscriber numbers, but Sun says the stock has performed as expected.
However, new competition from Time Warner, CBS and others could provide a challenge, and the stock is priced high, at almost 100 times earnings.