Investor has bought 5.5 million shares since last month

Carl Icahn has spent $323.6 million buying up stock in his quest to initiate a shakeup at Netflix.

The aggregate purchase price of the 5.5 million shares that Icahn and his affiliates have scooped up since last month was disclosed Monday in a Securities and Exchange Commission filing.

On Monday, Icahn exercised call options to firm up his direct control of more than 4.2 million of those shares, which represent 9.98% of Netflix’s outstanding shares.

After Icahn disclosed his interest in the company on Oct. 31, Netflix moved quickly to adopt a poison pill provision designed to prevent an entity from acquiring more than a 10% stake in the company.

Icahn has said he thinks the stock is undervalued and the Netcaster should pursue possible deals with larger media or tech companies. Netflix topper Reed Hastings said last week he aims to stay an independent operation for the foreseeable future.

With nearly 10% of shares in hand, Icahn is expected to continue to wage a PR fight against Netflix toppers and seek to replace members of the board of directors. However, because Netflix directors serve in staggered terms, Icahn would not be able to field an alternative slate of directors as he has in the past in takeover fights for Lionsgate and Time Warner, among other companies.

Netflix shares have inched up 2.68% since Icahn went public with his interest in the company. The stock was up 46 cents at the close of trading Monday to $81.36.

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