Netflix has warned of tough times ahead.
Shares in Netflix have slumped by 35% after it revealed a sharp drop in subscribers and warned millions more are set to quit the streaming service.
Yet some cast doubt on its plans to boost growth, which include bringing in a free ad-supported service. In a brief statement, Mr Ackman said that while Netflix's plans to change its business model made sense, investing in the company felt too risky. Squeezed consumers are cutting back on streaming services to save money, while some feel there is too much content to choose from amid an avalanche of competition from rivals such as Disney and Amazon.
Netflix remains the world's leading streaming service with more than 220 million subscribers. It had enjoyed uninterrupted quarterly growth in subscribers since October 2011.
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