Netflix tumbles bellow $400
- Netflix shares are back below the $400 level on Monday.
- The selling comes following a report suggesting the US Treasury Department is drawing up plans to crack down on Chinese investment in US tech.
- Netflix fell in late March after it was reported the initiative was in the White House's plans.
- Shares recently hit a new all-time high.
- Watch Netflix trade in real time here.
Netflix is back below the $400 level.
Shares are down 5.10% at $390.13 apiece Monday after the Wall Street Journal reported the US Treasury Department is drawing up plans to crack down on Chinese investment in US technology. The report said the rules would prevent firms with at least 25% Chinese ownership from investing in the US companies involved with "industrial significant technology." Treasury Secretary Steven Mnuchin tweeted the report "fake news."
Back in late March, Netflix tumbled almost 7% in one day after reports surfaced that President Donald Trump was moving to block China from investing in certain types of US tech companies.
Netflix shares hit a record high of $423.21 on Thursday, following a slew of Wall Street bullishness. They are up 103% this year.