Carl Icahn Sells Half of His Netflix Stake
Carl Icahn has reduced his stake in Netflix by about half.
According to a 13D SEC filing filed after Tuesday's market close, Icahn has offloaded about half of his Netflix stake to the Sargon portfolio, a fund co-managed by his son Brett Icahn.
Icahn Enterprises now falls below the 5% ownership limit that triggers expanded disclosure rules, down from just below 10%. This new arrangement lets both the buying and selling Icahn portfolios manage their shares out of the public eye.
"In our experience, there are few companies at any given time in history that represent the pure life blood of a colossal secular growth category, and even fewer where the CEO of that company instills deserved confidence among the company's investors by repeatedly exhibiting both vision and the ability to execute on that vision," Brett Icahn said in a press release. "We are proud to have identified Netflix as such a company and believe that it is well positioned for greatness."
"While I basically agree with David and Brett's assessment above and have often held positions for many years," said Carl Icahn, "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% in only 14 months it is time to take some of the chips off the table."
The article Carl Icahn Sells Half of His Netflix Stake originally appeared on Fool.com.Fool contributor Anders Bylund owns shares of Netflix. The Motley Fool recommends and owns shares of Netflix. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.