Shares in Netflix have slumped by 35% after it revealed a sharp drop in subscribers and warned millions more are set to quit the streaming service. It wiped more than $50bn off the firm's market value as experts warned it faced a struggle to get back on track. Netflix faces intense competition from streaming rivals, but was also hit after it raised prices and left Russia. Yet some cast doubt on its plans to boost growth, which include bringing in a free ad-supported service. It also plans to crack down on password sharing, estimating that more than 100 million non-paying households watch the service this way. In a sign of the unease, one of America's best known investors, William Ackman, ditched his $1.1bn investment in Netflix on Wednesday, taking a loss of more than $400m. It also said some two million more were likely to quit the service in the three months to July. Squeezed consumers are cutting back on streaming services to save money, while some feel there is too much content to choose from amid an avalanche of competition from rivals such as Disney and Amazon. Netflix's shares plunged 35% on Wednesday, and fell a further 3.5% on Thursday.
