Netflix Loses $20 billion After Elon Musk Calls For Subscription Cancellation
Netflix has reportedly lost over $20 billion in value after Elon Musk openly called for its cancellation.
The US-based streaming service lost around $20 billion in market capitalization in just more than a day after billionaire Elon Musk called for a subscription cancellation due to what he called the “woke” content.
Musk criticized the platform for pushing content involving kids and gender changes, saying it’s now almost impossible to watch a movie without an LGBTQ+ scene, even in children’s shows.
The billionaire also linked his stance to a personal tragedy — his son Xavier Musk, who transitioned and now identifies as Vivian. Elon vowed never to stay silent, declaring he won’t allow “other kids to be destroyed.”
Netflix shares were down by 4.3% in one-and-a-half days to $1,140.50 as of 1435GMT Thursday.
The market cap of the firm fell to $482.9 billion on Thursday, compared to around $498 billion on Wednesday, according to data from stockanalysis.com.
The controversy on Netflix started with allegations that some of its shows push “woke” content, especially on children. After that #CancelNetflix hashtag went viral.
Elon Musk joined the controversy by asking consumers to cancel their subscriptions, arguing the corporation was sending negative signals to children.
“Cancel Netflix for the health of your kids,” Musk wrote on US social media company X, which he owns.
Since he began his cancellation campaign, many users posted photos on social media, showing that they cancelled their memberships.
Musk’s comments added to financial pressure as Netflix shares fell for the third day in a row, taking billions off the company’s market worth.
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