Mr Icahn says he, along with funds run by his son and a partner, bought the shares for about $ 58 each, and sold them in several blocks this month for $ 304.23 and $ 341.44 apiece.
A filing on Tuesday shows he still owns 2.7m shares, or 4.5pc, of the internet video subscription service.
Netflix shares hit an all-time high on Tuesday of $ 389.16. But investors started taking profits, and it closed down 9pc at $ 322.52.
Netflix has been shifting its focus from mailing DVDs to streaming movies. One of the people Mr Icahn thanked on Tuesday was Kevin Spacey, the star of Netflix’s hit show House of Cards.
(Edited by Andrew Trotman)