Netflix Is Splitting Its Stock Seven Times, And Carl Icahn Sells His Shares

Photo Credit: Google Images

Photo Credit: Google Images

Netflix is trying to make its shares more affordable, and for this reason, its shares will soon cost a lot less than $690.

The TV and movie streaming service, announced that it is carrying out a seven-for-one stock split. In other words, Netflix investors will get seven shares for each one they currently own.

Netflix said the stock split will allow investors to wake up after July 14 and notice the lower stock price of approximately $100 a piece.

This move does not change much for current Netflix shareholders. They will simply own more shares as the value of the investment and Netflix’s market value, stays the same.

For this reason, billionaire Carl Icahn, declared in a tweet today, June 24, 2015, that his firm sold the rest of its Netflix position. He was the 9th largest shareholder in Netflix as of the end of March.

The billionaire stated that he sees more potential in Apple instead.

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