This month marks two years since Carl Icahn sold his stock in Netflix. The billionaire financier, who has a net worth of $18 billion, missed out on $4 billion after closing his investment in 2015. This is how it all happened:
Oct. 31, 2012: The 81-year-old businessman announced over social media that he invested $321 million in Netflix, paying an average price of $58 per share and acquiring 10 percent of the entertainment streaming company. Prior to the investment, in the fall of 2011, Netflix stock lost more than 80 percent of its value – dropping from over $300 per share – after the company's attempt to introduce Qwikster and separate the DVD and streaming services. Icahn's new investment, which he credits to his son Brett, caused shares to spike and close out the day up 14 percent.
Oct. 2013: Going against his 37-year-old son's advice, Icahn sold half his stock one year later. His initial profit rang in at approximately $825 million.
June 24, 2015: Less than two years later, it's announced on Twitter that Icahn has chosen to sell his remaining stake in Netflix. The billionaire said he decided to close out the trade due to increased competition and a desire to exit with a large profit. The day Icahn closed out his position Netflix stock was trading at $96.94 per share. It's estimated that Icahn made $1.9 billion off of the investment.
June 2017: Now, another two years later, stock has since gained another 70 percent – had Icahn had held onto his 5.5 million shares, split for 38.5 million – the stake would now be worth nearly $6.4 billion. Woah.