Netflix, Inc. shares suffered a bloodbath on Wednesday, having shed over 35 percent in a single session, following its disappointing quarterly results and weak guidance.
One of the largest U.S. pension funds, which held a chunk of the streaming giant’s shares, incurred a massive loss amid the plunge.
What Happened
The California Public Employees’ Retirement System lost about $695 million of its Netflix bets following Wednesday’s plunge. 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.
