Tiger Global just made a $1 billion plus bet on Netflix

Tiger Global, the tech-oriented hedge fund run by Chase Coleman, took a huge stake in Netflix during the second quarter.

Tiger Global owned 2,571,039 shares shares of Netflix at the end of the period, according to the fund’s 13-F filing.

That compares to a stake of
155,877 shares at the end of the first quarter.

The additional shares had a value of around $US1.6 billion, based on the quarter-end share price of $US656.94.

Netflix announced on June 23 that it was splitting its stock seven ways. As a result, one share of Netflix became became seven on July 15.

Assuming the fund retains its stake, the fund now has 17,997,273 shares. Those have a value of $US2.2 billion.

Tiger Global is now the largest hedge-fund holder of Netflix shares, according to Bloomberg data.

Hedge funds only have to disclose their long equity holdings every quarter in these filings. What’s more, is the filings aren’t published until 45 days after the end of the quarter so it’s possible funds could have traded in and out of positions.

Here’s how the Netflix share price performed in the second quarter, adjusted for the stock split:

And here’s how the stock has performed since the start of second quarter:

And year-to-date:

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