California's Pension Fund Saw $700M Go Up In Smoke following Earnings-Triggered Sell-Off In Netflix
What Happened:
The California Public Employees' Retirement System lost about $695 million of its Netflix bets following Wednesday's massive Netflix collapse.
The largest state pension fund in the U.S., with $450 billion in assets under management, held 1,779,811 Netflix shares, valued at about $1.07 billion, at the end of the fourth quarter of 2021, 13F filing with the SEC showed.
Why did Netflix crash?
Netflix's stock crashed due to its weaker-than-expected first-quarter earnings that showed it losing subscribers for the first time since its infancy and a forecast for a loss of 2 million in the current quarter.
