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Carl Icahn is done with Netflix

Myles Udland   

Carl Icahn is done with Netflix
Stock Market1 min read

carl icahn

Reuters

Carl Icahn has dumped his entire stake in Netflix.

Icahn announced the move on Twitter on Wednesday, declaring that Apple is the new Netflix.

"Sold the last of our [Netflix] today," Icahn tweeted. "Believed [Apple] currently represents same opportunity we stated [Netflix] offered several years ago."

Icahn bought Netflix back in the fall of 2012 with the average value of his stake coming to around $58 per share; as of Wednesday morning, shares of Netflix were trading at around $690 per share, a more than 1000% increase in value.

When Icahn initiated his stake in Netflix he owned just under 10% of the company.

About a year later, Icahn sold half his stake, taking a profit of around $700 million. Earlier this year, Icahn said that he wished he'd been more aggressive buying Netflix.

On Tuesday, Netflix announced that in July it will execute a 7-for-1 stock split.

Shares of Netflix were up around 2% in morning trading on Wednesday.

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