Pershing Square CEO Bill Ackman has re-entered Netflix (NASDAQ: NFLX) by buying back shares, which now account for 4.9% of Pershing Square's portfolio as of June 30. This move comes four years after he sold an earlier stake at a loss of over $400 million. Ackman and Pershing Square chief investment officer Ryan Israel stated in the firm's semiannual report that Netflix has "effectively won the streaming wars," expecting double-digit revenue growth with content expenses rising more slowly. The firm began rebuilding its position after Netflix shares fell nearly 50% from their 2025 peak, now calling the valuation a "substantial discount." Netflix has improved its prospects by cracking down on password sharing and introducing a lower-priced advertising tier, with advertising revenue expected to reach approximately $3 billion in 2026.