Netflix market value drops $15 bn following Elon Musk’s ‘Cancel Netflix’ tweets

Netflix saw its market capitalization drop by around $15 billion (₹1.33 lakh crore) after Elon Musk called for a boycott of the streaming platform.

On October 1, Musk re-shared a post on X of DogeDesigner alleging that Netflix was promoting a transgender woke agenda. He urged his followers to ‘Cancel Netflix for the health of your kids’, and again posted similar tweet on October 2. Musk specifically cited the Netflix show ‘The Baby-Sitters Club’, which he claimed depicted transgender themes for children.

Following Musk’s tweets, the hashtag #CancelNetflix quickly went viral, amplifying cultural debates the company has faced previously. According to WION, Netflix lost a significant number of subscribers in the days that followed.

On Wall Street, the impact was immediate. Netflix shares slumped 4.3% within just one and a half days, and over the week, the stock declined nearly 5%, marking the company’s steepest drop since April.