HappyNetflix collapses by 35%

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Netflix collapses by 35% and California's pension fund sees $700M lost


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.
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