US streaming giant Netflix has suffered a major financial blow, losing nearly $15 billion in market value within just over a day after billionaire Elon Musk urged subscribers to cancel their accounts over what he described as “woke” programming that promotes transgender ideology to children.
By Thursday afternoon (1435 GMT), Netflix shares had dropped 4.3 percent in one and a half days, trading at $1,140.50. This decline reduced the company’s market capitalization to $482.9 billion, down from approximately $498 billion the previous day, according to figures from stockanalysis.com.
Netflix loses over $15B in market value after Elon Musk comment
The backlash against Netflix began when critics accused the platform of pushing “woke” content, particularly targeting children. The hashtag #CancelNetflix quickly went viral, gaining traction across social media.
Musk joined the online campaign, claiming the streaming service was promoting harmful messages to young audiences. On his platform X (formerly Twitter), which he owns, he posted: “Cancel Netflix for the health of your kids.”
Netflix has long been recognized as one of the leading platforms featuring LGBTQ+ representation, with a 2022 report by advocacy group GLAAD noting a steady increase in such portrayals in its shows.
Following Musk’s public criticism, many users shared screenshots confirming they had canceled their subscriptions. The billionaire’s comments further intensified the sell-off, marking the third consecutive day of losses for Netflix and wiping billions from its valuation.