According to CoinMeta, Bill Ackman lost $400 million when selling Netflix, but now claims that Netflix has won the streaming war. He repurchased shares of Netflix four years later, and these shares currently account for 4.9% of his Pershing Square investment portfolio. Ackman believes that Netflix's large user base allows it to invest more in content while spreading these costs over a larger audience. The company expects its advertising revenue to reach around $3 billion by 2026.