Billionaire investor Carl Icahn would stand to gain between USD700 million to USD800 million in profit from selling 3 million shares in Netflix Inc in just less than two weeks. According to a filing with the US Securities and Exchange Commission, Icah sold his shares on the streaming company beginning October 10 till Tuesday this week.
The shares were bought by Icahn back then for USD58 per share. Icahn sold a major chunk of his shares on Tuesday for USD341.44 per share. The share sale was the biggest among the many divestments Icahn made. The sale of 2.4 million shares had earned Icahn a whopping USD645 million alone.
His massive gain in Netflix surpassed his frustrating investment in another video business. Back in 2004, Icahn bought a stake in US movie renter Blockbuster. Today, Icahn counts his Blockbuster investment as the worst decision he has made in his career spanning 30-plus years.
Icahn's stake in Netflix had dropped from 9.4% in June to 4.5% following the October share sales.
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