Carl Icahn On Getting Out Of Netflix: Years Ago It Was Hard To Compete With Them, ''Today The Competition Is Somewhat Easier'

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Billionaire activist investor and chairman of Icahn Enterprises LP IEP tweeted on Wednesday that he has sold off his entire stake in Netflix, Inc. NFLX and compared it with Apple Inc. AAPL.

 

The tweet reads, "Sold last of our $NFLX today. Believe $AAPL currently represents same opportunity we stated NFLX offered several years ago."

 

Icahn was on CNBC recently to discuss the tweet.

 

Still A Great Company

 

"There's never a right time I guess, but Netflix is still a great company. I think, Reed Hastings has done a great job. But from our point of view, I think, the market is sort of overheated. I also think that Netflix and I am not in any way criticizing Netflix, but when we did it it was pretty much of a no-brainer. It was very hard to compete."

 

Apple Has Hundreds Of Points Left

 

He continued, "It was sort of where Apple is today. I think, Apple has hundreds of points left in it perhaps. I am not going to call exactly where it could go. But Apple is a great company with great barriers to competition."

 

Competition Is Easier

 

Netflix years ago was tremendously undervalued because it was very hard to compete with them. I think, today the competition is somewhat easier if you see the secular change going on where they are building service where they can go over-the-top and there's going to be cable competition, cable may change dramatically and that is not to say that Netflix is not a great company still," Icahn concluded.

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Posted In: CNBCMedia
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