Global streaming giant Netflix has reportedly lost nearly $25 billion in market value following billionaire Elon Musk’s public call for users to cancel their subscriptions over the platform’s inclusion of transgender characters in its programming.
According to Yahoo Finance, Netflix’s market capitalization dropped from about $514 billion on September 27 to $489 billion by October 3, marking its sharpest weekly decline since April. The company’s stock slid nearly 5% over five trading days, even as other major tech firms like Amazon and Meta recorded gains.
The downturn began shortly after Musk, the world’s richest man and CEO of Tesla and X (formerly Twitter), urged his 227 million followers to “Cancel Netflix.” He accused the streamer of “pushing LGBT propaganda” and promoting “transgender messaging in kids’ content.”
In a post shared on October 1, Musk wrote:
“Cancel Netflix for the health of your kids.”
Market analysts say roughly $15 billion to $25 billion in Netflix’s market value was wiped out in the days following Musk’s comments, with a sharp selloff attributed to his influence and the ensuing online backlash.
The controversy stems from debates around the cancelled Netflix animated series “Dead End: Paranormal Park,” created by Hamish Steele, which some conservative viewers claimed promoted progressive gender themes.
Despite the criticism, Netflix has not issued an official statement addressing Musk’s comments. Industry experts suggest the stock may recover as investor confidence stabilizes, though the incident underscores the power of celebrity influence over corporate perception and market performance.
