Netflix Sees USD15B Drop in Market Value After Musk’s Remarks
(MENAFN) Netflix, the US-based streaming giant, saw its market value plummet by approximately $15 billion in just over 24 hours following billionaire Elon Musk’s public appeal for subscribers to cut ties over what he labeled “woke” content.
Shares in Netflix declined 4.3% over a day and a half, closing at $1,140.50 as of 1435 GMT on Thursday. This slide reduced the company’s market capitalization from roughly $498 billion on Wednesday to $482.9 billion on Thursday, according to stockanalysisdata.
The controversy ignited amid claims that Netflix’s programming promotes “woke” themes, particularly in children’s shows, fueling the viral #CancelNetflix movement. Musk escalated the backlash by urging followers on his social media platform X, which he owns, to drop their subscriptions.
"Cancel Netflix for the health of your kids," Musk tweeted, directly tying the streaming service’s content to negative influences on youth.
Following Musk’s statement, numerous users shared screenshots across social media platforms, confirming their cancellations. This wave of subscriber loss has contributed to Netflix’s shares falling for the third consecutive day, significantly eroding the company’s market valuation.
Musk’s intervention has intensified pressure on Netflix amid ongoing debates about content and corporate direction, underscoring the financial impact of public opinion and influencer-driven campaigns.
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