Hedge fund billionaire Bill Ackman's decision to sell his Netflix shares during a rough patch in 2022 has become one of the most high-profile missed opportunities today. In January 2022, Ackman revealed that his hedge fund, Pershing Square Capital Management, had purchased more than $1 billion worth of Netflix stock—about 3.1 million shares—when it was trading around $400. The move came after Netflix stock had fallen more than 65% amid concerns over slowing growth and a tech-sector sell-off. However, the bet soured quickly. By April, Netflix's stock plummeted further following a disappointing earnings report and investor uncertainty surrounding its ad-based subscription plans. Ackman exited the position just three months later, when shares were trading near $225, taking a loss of approximately 40%. In total, Pershing Square's short-lived Netflix investment cost the firm an estimated $400 million. At the time, the sale seemed prudent. Netflix's stock continued to slide, bottoming out ne...