Streaming giant Netflix has witnessed a huge stumble in its stock price, wiping out an estimated $15 billion to $25 billion in market value, following a high-profile call for a mass cancellation campaign led by billionaire Elon Musk.
The controversy started when conservative social media accounts criticised the content on the platform, especially targeting the animated series “Dead End: Paranormal Park” over its inclusion of transgender character.
Musk, who confirmed he has also cancelled his own subscription, used his social media platform X to amplify the backlash, urging his massive following to follow suit.
“Cancel Netflix for the health of your kids,” Musk said.
The shares of Netflix fell sharply for several days after Musk’s comments, with the company’s market value reportedly dropping by around $17 billion over three days.
Other sources estimate the total loss to be closer to $25 billion. The stock decline marks the streaming service’s biggest weekly fall since April.
The stock drop reflects not just the immediate effect of a high-profile figure like Musk urging a boycott, but also the pressure Netflix faces from critics over its content decisions.
Despite the short-term financial dip, Netflix has faced similar controversies before.
The company is set to report its third-quarter earnings later this month, which will give a clearer picture of whether the public backlash has translated into a significant drop in actual subscriber numbers.