Ackman Returns to Netflix as Ad Tier Expands and Buybacks Rise
Bill Ackman has started buying Netflix shares for his investment funds, including Pershing Square USA, to hold long term. Netflix now has 325 million paid subscribers; its ad tier drives over 60% of new Q1 sign-ups and is expected to fuel about $3B in ad revenue in 2026. Netflix repurchased $4.7B in Q2 2026, its biggest quarter, with $27.1B left under authorization.