Carl Icahn Sells Block of Netflix Shares; Fuels Large Downside in Netflix

After a move of over nine percent to the downside in

during Tuesday's session, Carl Icahn came out with a tweet revealing some of the fuel behind the downside:

The size of Icahn's sale was 2.99 million shares, leaving Icahn with 2.66 million shares remaining in the position. In his letter he stated that he sold the shares following a 457 percent increase after buying them at an average price of $58 per share. Later on in his letter to shareholders, Icahn stated that he still believed Netflix stock "remains significantly undervalued", while also stating that Netflix as a product remains "one of the great consumer bargains of our time." Following the disclosure, Netflix shares continued to show weakness, falling another 2.80 percent to $314.44.