Netflix loses $15.1 billion after Elon Musk calls out ‘transgender woke’ agenda
Netflix has reportedly lost $5.1 billion in market value as users cancel subscriptions in protest of its “woke” content, which was criticised by Elon Musk.
The backlash began after criticism of its children’s programming and resurfaced posts from Dead End: Paranormal Park creator Hamish Steele, who mocked the death of conservative activist Charlie Kirk.
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With Musk joining the boycott calls and criticism over children’s shows, the streaming giant faces mounting backlash and a deepening stock market slide.
Social media campaigns like #CancelNetflix quickly gained traction, with Elon Musk stepping up boycott calls. Parents, politicians, and critics argue the platform promotes “woke” content, igniting a heated cultural discussion that has flowed over onto Wall Street, putting Netflix’s worldwide future at risk.
U.S. politicians, like Rep. Marjorie Taylor Greene, have also criticised Netflix for pushing “gender ideology” in children’s shows.
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Meanwhile, conservatives slammed Netflix for promoting Steele despite his provocative remarks. The political angle has only increased tensions, putting the company under criticism from every angle.
Netflix stock dropped 3% in Wednesday’s trading session, dropping to a two-week low of $1,163.21 a share. The fall came as the company faced growing cancellations as a result of reactions against its “woke” content, notably children’s shows that critics claim promote LGBTQ+ themes.
Elon Musk’s appeal to “Cancel Netflix” fuelled the flames, as thousands of subscribers apparently cancelled their subscriptions.
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Investors reacted rapidly to the growing negative sentiment, concerned that subscriber loss would continue and impact the company’s revenue.
Market analysts highlighted that the 3% drop, while not catastrophic, indicates increased investor caution as social media disputes begin to negatively impact financial performance. Netflix’s stock is currently being evaluated for stability as the situation escalates.
