US streaming giant Netflix has lost about $15 billion in market value after billionaire Elon Musk accused the platform of “woke bias” and urged his followers to cancel subscriptions.
Netflix shares fell 4.3% in a day and a half to $1,140 by midday Thursday, cutting its market cap to $483 billion from $498 billion on Wednesday, trading data showed.
The drop came after Musk called on users to boycott Netflix over the animated show ‘Dead End: Paranormal Park’, which features a transgender character. Although canceled in 2023 after two seasons, the show remains available on the platform with a TV-Y7 rating for children seven and older.
Musk’s campaign began on Tuesday when he reposted a clip on X showing one of the show’s characters identifying as transgender. “Dead End Paranormal Park, a show on Netflix, is pushing pro-transgender on CHILDREN. This show is advertised for 7-YEAR-OLDS,” the account said. Musk replied: “this is not ok.”
He later reposted messages from users claiming to have canceled Netflix and accused the service of pushing “LGBTQ+ propaganda.” On Wednesday, he wrote: “Cancel Netflix for the health of your kids.” In another post, he said: “Transgender propaganda isn’t just quietly lurking in the background on Netflix. They are actively pushing it on users.”
Musk has long railed against wokeism and LGBTQ messaging, which many link to his estrangement from his trans child, Vivian Wilson, who has openly criticized the billionaire for his alleged anti-trans vendetta. In a Washington Post interview last year, Musk said that to him Wilson was “dead, killed by the woke mind virus.”
Netflix has not responded to Musk’s remarks. The company has previously defended controversial content on free speech grounds, including in 2020, when its film ‘Cuties’ drew outrage for sexualized depictions of underage actors.
By Thursday’s close, the firm had pared some of the losses, ending at $1,161 a share with a $493 billion valuation. While stock is down 4% this week, it remains up 30% year-to-date. Analysts expect Musk’s campaign will not weigh on the company long-term, suggesting that Netflix shares are too costly to be seriously affected by online backlash.
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