The fund's earlier Netflix bet, which began in early 2022 with more than $1 billion committed, ended with losses exceeding $400 million after the streaming company revealed it had shed subscribers for the first time in decades, according to Investing.com. " Netflix has since effectively won the streaming wars," Pershing Square said in a statement. "We expect Netflix to compound revenue at a double-digit growth rate, with content costs growing more slowly than revenue driving continued margin expansion… the company's current valuation multiple represents a substantial discount."