Billionaire Investor Philippe Laffont's Hedge Fund Exits The Trade Desk, Boosts Stake in Netflix

Coatue Management sold its entire position in the ad-tech company and increased its Netflix stake by 17x amid market volatility.

Feb. 24, 2026 at 6:04pm by Ben Kaplan

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Philippe Laffont's hedge fund Coatue Management completely exited its stake in The Trade Desk during the fourth quarter, while significantly increasing its position in Netflix by 17-fold. The moves come as The Trade Desk stock has plummeted 67% over the past year amid threats from AI-powered ad platforms and larger tech giants, while Netflix has seen a 43% decline since June 2025 on uncertainty around its proposed acquisition of Warner Bros. Discovery.

Why it matters

Laffont's investment decisions provide insight into how one of the most prominent hedge fund managers is navigating the volatile tech landscape, with a shift away from the struggling ad-tech sector towards the potential upside of a dominant streaming platform like Netflix.

The details

The Trade Desk, a data-driven advertising platform, had been a market darling due to its lack of direct ad sales, allowing it to optimize campaigns for customers. However, the stock has been crushed over the past year as it faces disruption from AI-powered ad platforms and competition from tech giants like Amazon. Meanwhile, Netflix's proposed $83 billion acquisition of Warner Bros. Discovery has faced uncertainty, leading to a sell-off in Netflix shares, even as the company continues to grow its subscriber base and advertising business.

  • Coatue Management completely exited its stake in The Trade Desk during the fourth quarter of 2025.
  • Coatue increased its position in Netflix by 17-fold during the fourth quarter of 2025.

The players

Philippe Laffont

A billionaire investor and member of the elite group of Tiger Cubs, having previously worked as an analyst for Julian Robertson's Tiger Global Management.

Coatue Management

Laffont's hedge fund, which had nearly $40.8 billion in its equity fund as of the fourth quarter of 2025.

The Trade Desk

A data-driven platform that helps advertisers plan and build digital advertising campaigns, but has faced challenges from AI-powered competitors and tech giants.

Netflix

The streaming giant that has seen its stock decline amid uncertainty around its proposed acquisition of Warner Bros. Discovery, but still maintains a dominant subscriber base and growing advertising business.

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What’s next

If the proposed Netflix-Warner Bros. Discovery deal goes through, the combined company would have to overcome antitrust concerns. If the deal falls through, Netflix would still have to contend with the uncertainty, but could potentially rebound through its growing advertising business and subscriber base.

The takeaway

Laffont's investment moves highlight the shifting dynamics in the tech sector, with the billionaire investor pivoting away from the struggling ad-tech industry towards the potential upside of a dominant streaming platform like Netflix, despite the uncertainty surrounding its acquisition plans.