William Ackman has sold his entire $1.1 billion position at Netflix, an exit that has cost the billionaire’s hedge fund a loss of more than €400 million, following a fall in shares after the results report.

Pershing Square Capital Management, which is controlled by Ackman, decided to get rid of the 3.1 million titles it owned on Netflix just three months after it acquired that position, after the 35% decline recorded by shares in the last session, in response to the first decline. In the number of subscribers in a decade.

Ackman decided to join the company last January, with an investment of more than $1 billion, after Netflix reported disappointing IPO prospects pressing on the stock. But if the stock correction three months ago was seen as an opportunity, the same is not happening now, after the company confirmed that it lost 200,000 subscribers, causing the bonds to sink.

In a brief comment commenting on the departure, Ackman justified the sale of the position, adding that proposed changes to the business model, including incorporating advertising and going after customers who don’t pay for a subscription, make sense but make the company very unpredictable behavior in short order.

“While Netflix’s business is fundamentally easy to understand, in light of recent events, we have lost confidence in our ability to predict the company’s future prospects with sufficient certainty.”