By Spy Uganda
US-based streaming platform Netflix has seen its market value drop by more than $15 billion within two days, following calls by billionaire Elon Musk for users to cancel their subscriptions over what he described as “woke” content.
As of Thursday afternoon, Netflix shares were down 4.3%, trading at $1,140.50, reducing the company’s market capitalization from about $498 billion to $482.9 billion, according to data from stockanalysis.com.
The downturn followed a surge in online criticism alleging that Netflix has been promoting gay like social themes in children’s programming. The hashtag #CancelNetflix quickly began trending across multiple social media platforms.
Musk, who owns the social network X (formerly Twitter), joined the conversation by urging parents to reconsider the streaming service.
“Cancel Netflix for the health of your kids,” Musk wrote on X, accusing the company of pushing “unhealthy content” in its shows.
After his post, many users shared screenshots showing they had canceled their Netflix memberships, amplifying the boycott’s visibility.
Netflix has faced waves of both criticism and praise in recent years for its inclusion of diverse storylines and characters.
The boycott reportedly contributed to Netflix’s third consecutive day of stock losses, as investors weighed both the social media backlash and its potential impact on subscriber numbers.
Industry analysts note that while celebrity-led campaigns can briefly influence markets, streaming trends often stabilize as controversies fade. Netflix, which counts over 260 million subscribers globally, has yet to issue an official response to Musk’s comments.
The company has not yet issued an official comment on Musk’s statements or the reported subscriber losses. Analysts say short-term boycotts often have huge impact and Netflix should stop airing bogus and shameful content.
