Activist investor Carl Icahn on Tuesday sold about 3 million shares of Netflix Inc. (NFLX) , or more than half his stake, reaping a large profit in the process.
Netflix's share price has more than quintupled since Mr. Icahn originally invested in the company at $58 a share just more than a year ago, Icahn Enterprises LP (IEP) said.
In a tweet Mr. Icahn issued on Twitter, which was verified by an Icahn representative, the investor said he sold a block of Netflix shares.
The tweet came around the time of a Securities and Exchange Commission filing that showed Mr. Icahn had sold about 3 million shares in the online streaming and DVD rental company.
Icahn Enterprises, however, said that it believes the stock "remains significantly undervalued," calling Netflix "one of the great consumer bargains of our time."
Mr. Icahn still owns about 2.7 million shares in Netflix, according to the SEC filing.
Netflix on Monday reported that its third-quarter profit more than quadrupled as it continued to add subscribers across the globe.
Shares of the company were down 1.9% at $316.40 in after-hours trading. The stock has more than tripled this year alone.
Write to Michael Calia at michael.calia@wsj.com
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