Netflix stock price falls 35%, posting its biggest drop since 2004

Netflix Inc. shares fell 35.1% on Wednesday, posting its worst day since 2004, after the streaming giant reported losing subscribers in the first quarter.

William Ackman, the billionaire investor whose fund bought more than 3 million shares of Netflix in January, said Wednesday the fund sold its stake at a loss. In a letter to investors, Mr. Ackman said Netflix would cut the Pershing Square fund’s returns by four percentage points. That means a loss of around 400 million dollars.