ACKMAN ADMITS HE WAS WRONG ON NETFLIX BET

Bill Ackman isn’t afraid to say he got his Netflix Inc. play wrong. “I’m 100 per cent ready to admit when I’m wrong and 100 per cent ready to admit when I’m wrong, quickly,” Ackman, pictured, told CNBC’S Scott Wapner regarding Pershing Square Capital Management’s sale of its Netflix holdings. Ackman became one the streaming company’s 20 largest shareholders this year in a bet that lost more than US$430 million in less than three months. Pershing Square said April 20 it had sold its Netflix holdings. The billionaire told Wapner that Netflix is a “great company run by a great management team” but the current degree of uncertainty doesn’t make it a great fit for the Pershing Square portfolio. Netflix shares were down 3.7 per cent at US$217.88 on Thursday afternoon in New York trading.