Netflix has taken a massive financial hit, losing around $25 billion in market value after Elon Musk called on his millions of followers to cancel their subscriptions over the platform’s content.
The streaming giant’s valuation dropped from approximately $514 billion on September 27 to $489 billion by October 3.
Nearly $7 billion of that vanished in just one day following Musk’s October 1 post urging users to ditch the service.
Netflix shares fell almost 5% over five trading days, the worst weekly performance since early April, according to Yahoo Finance.
The decline came even as the Nasdaq reached record highs and other tech giants like Amazon and Meta posted gains.
By October 2, Netflix stock had slipped 1.2% at opening before closing 0.8% down at $1,161 per share. The losses have now exceeded 4% since Musk’s boycott campaign began.
The Tesla and SpaceX boss hasn’t held back on social media, accusing Netflix of pushing “LGBT propaganda” in children’s programming. “Cancel Netflix for the health of your kids,” he wrote in one post.
Musk also amplified criticism from users who blasted the streamer for what they called a “transgender woke agenda,” particularly after the cancellation of the animated series Dead End: Paranormal Park, which featured LGBTQ+ characters and themes.
