(Updated - January 26, 2022 5:16 PM EST)

Bill Ackman said his Pershing Square hedge fund bought over 3.1 million shares of Netflix (NASDAQ: NFLX) following the recent slide in the stock. This makes the firm a top-20 holder.

"I have long admired Reed Hastings and the remarkable company he and his team have built," Ackman said. "We are delighted that the market has presented us with this opportunity."