Feeds

Icahn trousered $700m from Netflix stock sale?! Er, it would appear so

Billionaire investor makes even more bags of money from canny video bet

Remote control for virtualized desktops

Billionaire investor Carl Icahn has cashed in on Netflix's good fortunes, bagging profits of between $700m and $800m by selling three million shares earlier this month.

Icahn bought shares in the video streaming site just over a year ago for around $58 each and sold some of them yesterday for $341.44 per share, a 457 per cent gain.

Stocks in Netflix were riding particularly high yesterday after it announced that it had quadrupled profits and signed up an extra ten million users in the third quarter compared to the same time last year.

Icahn still holds 4.5 per cent of the 9.4 per cent stake he had in Netflix.

"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 per cent in only 14 months it is time to take some of the chips off the table," Icahn said in a filing with the Securities and Exchange Commission announcing the sale.

"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," he joked, referencing Netflix's Emmy-award-winning drama House of Cards.

The TV and movie rental site's growth has been aided in no small part by the firm's investment in original content like House of Cards and its more recent hit Orange is the New Black.

Icahn wasn't the only investor to sniff a profit in the company's recent success. After coming into the market up ten per cent on its quarterly results, Netflix shares dropped 6.62 per cent as stockholders took profits out. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Musicians sue UK.gov over 'zero pay' copyright fix
Everyone else in Europe compensates us - why can't you?
Bladerunner sequel might actually be good. Harrison Ford is in it
Go ahead, you're all clear, kid... Sorry, wrong film
I'll be back (and forward): Hollywood's time travel tribulations
Quick, call the Time Cops to sort out this paradox!
Megaupload overlord Kim Dotcom: The US HAS RADICALISED ME!
Now my lawyers have bailed 'cos I'm 'OFFICIALLY' BROKE
Forget Hillary, HP's ex CARLY FIORINA 'wants to be next US Prez'
Former CEO has political ambitions again, according to Washington DC sources
Euro Parliament VOTES to BREAK UP GOOGLE. Er, OK then
It CANNA do it, captain.They DON'T have the POWER!
prev story

Whitepapers

10 ways wire data helps conquer IT complexity
IT teams can automatically detect problems across the IT environment, spot data theft, select unique pieces of transaction payloads to send to a data source, and more.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
10 threats to successful enterprise endpoint backup
10 threats to a successful backup including issues with BYOD, slow backups and ineffective security.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Website security in corporate America
Find out how you rank among other IT managers testing your website's vulnerabilities.