| 2.4°C Dublin

Netflix reaps fortune for investor Icahn

Billionaire US investment guru Carl Icahn announced yesterday that his firm has sold the remainder of its stake in Netflix, reaping a profit of at least $1.6bn (€1.4bn) in three years.

The billionaire paid an average of $58 a share for Netflix stock in 2012, holding around 10pc of the US firm. Those shares closed at $678.61 in New York on Wednesday, a day after announcing a seven-for-one stock split.

Mr Icahn is thought to have made over $990m from the sale.

Video streaming service Netflix allows subscribers to watch its library of movies and TV shows online, including its self produced hits like House of Cards and Orange Is the New Black.

Carl Icahn first cut his stake in October 2013, 14 months after he bought the stock. At that point Netflix shares were up 457pc.