Carl Icahn exits Netflix Inc stake after stock split announcement

Billionaire Carl Icahn exited his Netflix stake after the company's stock doubled in the past year.

Billionaire Carl Icahn exited his Netflix Inc. stake as the stock doubled this season to lead the Standard & Poor\’s 500 Index and also the video-streaming company announced a regular split.

Apple Inc. now represents exactly the same opportunity Icahn saw in Netflix several years ago, the investor said in a tweet.

Netflix\’s market capitalization has soared eightfold to more than US$40 billion since 2012 as the company expanded its pioneering Web-based TV service to more than 50 countries and registered more than 62 million subscribers worldwide.

The service has evolved from being solely a buyer of shows and movies to become one of the active producers of TV, documentaries and films, with a long-term budget that approaches $10 billion, based on filings.

The 7-for-1 split takes effect July 14 and it is payable to shareholders of record as of July 2, the Los Gatos, California-based company said Tuesday.