Reuters is reporting that billionaire activist investor, Carl Icahn has sold a portion of his Netflix NFLX stake netting him between $700 and $800 million.
Icahn bought a nine percent stake in the company in August of 2012 at an average price of $58 per share. He sold three million shares from October 10 to October 22 for around $341 per share for a gain of 457 percent. Icahn, who owns and runs Icahn Enterprises IEP, still owns a 4.5 percent stake in Netflix—down from 9.4 percent in June.
Icahn Enterprises has assets of about $29 million and owns stakes in CVR Energy CVI, Forest Labs FRX, Chesapeake Energy CHK, and his very public position in Apple AAPL. Icahn often takes an activist approach but as Netflix quickly began reporting strong financial results, Icahn sat back and did nothing.
Related: Carl Icahn’s Top Six Positions
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