Elon Musk’s ‘cancel Netflix’ call wipes $15.1 billion off streaming giant
Netflix has seen its market value drop by $15.1 billion following a surge in subscription cancellations spurred by Elon Musk’s public call to boycott the streaming giant.
The backlash centers around Netflix’s children’s programming, particularly the animated series Dead End: Paranormal Park, which features a transgender teenage protagonist.
Musk, who has a substantial following on X (formerly Twitter), announced he had canceled his own Netflix subscription and encouraged his 227 million followers to do the same.
He criticized the show for promoting “transgender woke agenda” and shared posts from users who had unsubscribed in protest. His message, “Cancel Netflix for the health of your kids,” resonated with many, leading to a significant uptick in cancellations and a trending hashtag, #CancelNetflix.
The controversy intensified after resurfaced comments from Dead End creator Hamish Steele, who allegedly mocked the death of conservative activist Charlie Kirk. Although Steele denied the allegations, the incident fueled further outrage among conservative groups and parents, who accused Netflix of promoting progressive gender ideologies to children.
In response to the mounting criticism, Netflix’s stock experienced a sharp decline. Shares fell by 2.3% on Wednesday, marking a consecutive drop over several days. The cumulative effect has been a $15.1 billion decrease in the company’s market capitalization. Investor concerns are growing over the potential long-term impact on subscriber numbers and brand reputation.
Netflix has yet to publicly address the controversy or Musk’s comments. As the situation develops, the streaming service faces increased pressure to navigate the cultural debate surrounding its content offerings.