Bill Ackman has returned to Netflix through Pershing Square Capital Management, which disclosed a 3.15 million-share position equal to 4.9% of its portfolio after exiting the stock in 2022 with a loss described across the reports as roughly, or more than, $400 million. Pershing said Netflix has effectively won the streaming battle and argued the company can deliver steady double-digit revenue growth with expanding margins, while Netflix said its ad-supported tier accounts for more than 60% of new sign-ups and ad-related revenue remains on track to exceed $3 billion in 2026. After initially falling 2.14% to $76.49 as investors focused on second-quarter revenue of $12.56 billion and weaker third-quarter guidance, Netflix shares later rose 3.18% to $78.44 on Tuesday, extending a roughly 15% monthly rebound while remaining below longer-term moving averages.