Netflix Loses $15b After Elon Musk Calls For Everyone To Boycott
Netflix lost over $15 billion in market value after Elon Musk urged his followers to cancel their subscriptions. This intensified a backlash against the children’s animated show “Dead End: Paranormal Park,” which features a transgender teenage protagonist.
Musk repeatedly posted criticism, framing the show’s inclusion of a trans character as inappropriate for children. He shared a clip from the series and called for a boycott, amplifying messages that accused Netflix of pushing a “woke agenda.”
The show’s creator, Hamish Steele, announced a break from social media due to the resulting wave of homophobic and antisemitic abuse. The series, which ended in 2023, has been praised by supporters for providing vital representation that helps young viewers.
This incident mirrors past episodes where Musk’s social media interventions have impacted corporate reputations and stock prices. While the direct cause of the stock drop is difficult to prove, investors treated the campaign as a new risk for Netflix.
The streaming giant has previously weathered similar controversies, such as the outrage over the film “Cuties” in 2020. The company’s strategy has been to offer a wide range of content, arguing that not every title is for every viewer in its global audience.
The sell-off, while significant in total value, represented a low-single-digit percentage decline for Netflix. Financial analysts noted the company’s stock is known for volatility and that it has recently shown strong financial health.
Ultimately, the event highlights how cultural and political debates can directly influence market valuations. For Netflix, the long-term impact will depend on whether the online calls to cancel subscriptions result in a sustained loss of paying customers.
