As Netflix Loses Subscribers, Vanguard Funds Lose Billions of Dollars
With Netflix losing about 200,000 subscribers between January and March, Vanguard funds that hold shares of the streaming service have lost more than $12.9 billion, writes Ryan Sharrow for the Philadelphia Business Journal.
As of April 4, Vanguard owns a combined 33.56 million shares of Netflix, or about 7.55 percent. This makes Vanguard the largest Netflix shareholder.
As the value of Netflix’s stocks continues to decline, so will Vanguard’s holdings. On Wednesday, the streaming service’s shares closed at $226.19, meaning they lost a third of their value from Tuesday’s $348.61 closing price.
Moreover, this loss caused Vanguard’s holdings to drop to $7.3 billion.
According to a Vanguard spokesperson, the investment management company will not comment on individual stocks.
Netflix’s decline has been caused by the rise in new available streaming services and can also be attributed to the company pulling out of Russia amidst its invasion of Ukraine.
Read more about Netflix and Vanguard in the Philadelphia Business Journal.
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