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Billionaire investor Carl Icahn has cashed in big on Netflix Inc, taking advantage of a 457 percent gain in its shares since he bought more than 9 percent of the streaming video company only 14 months ago.
Icahn, whose firm acquired Netflix shares for an average price of $58, is booking profits of between $700 million and $800 million on the 3 million shares he sold in the 12 days beginning on October 10 and ending on Tuesday, according to an SEC filing issued after the market closed on Tuesday.
The biggest sales took place on Tuesday with Icahn selling 2.4 million shares at $341.44 for about $819 million. The Tuesday sale alone generated a profit of about $645 million. Icahn still holds 4.5 percent of Netflix, down from 9.4 percent in June -- the last time he publicly disclosed his holdings.
Icahn, whose Icahn Enterprises has assets of approximately $29 billion, said in the filing that "as a hardened veteran of seven bear markets I have learned that when you are lucky and/or smart enough to have made a total return of 457 percent in only 14 months it is time to take some of the chips off the table."
He added in the filing and a subsequent tweet: "I want to thank Reed Hastings, Ted Sarandos and the rest of the Netflix team for a job well done. And last but not least, I wish to thank Kevin Spacey."
It could be a gamble but with the amount invested and gained it almost makes you wonder if He knew something more than just a gut instinct on the "bet."
reply to post by jhn7537
In the realm of money perhaps he knows more than the average person. But how much does that really count? Many of you can beat him at chess. Many of you can code circles around him. Many of you can outfight him at any one of the martial arts. Many of you have a better command of the English, French, German, Japanese, whatever language than he does. And so on.
Besides, how much of a role did he really play in it all? Think of all the circumstances and things that must have happened to make it possible. In the end, let's not be impressed. There is always the possibility that he received insider information. Do you get impressed when I win the lottery? I think not.