Netflix has seen a dramatic $15 billion drop in market capitalization in just over a day, following Elon Musk’s call to cancel subscriptions over what he described as “woke” content.
The streaming giant’s shares declined by 4.3% in one and a half days, reaching $1,140.50 as of Thursday afternoon. According to stockanalysis.com, Netflix’s market value fell to $482.9 billion, down from approximately $498 billion the previous day.
The controversy began when critics accused the platform of promoting “woke” themes, particularly in shows aimed at children. The hashtag #CancelNetflix quickly went viral, amplifying the backlash. Musk joined the debate, urging parents to cancel their accounts, claiming the company was sending harmful messages to young viewers.
“Cancel Netflix for the health of your kids,” Musk wrote on X, the social media platform he owns. Following his statement, numerous users shared screenshots confirming their cancellations.
The billionaire’s comments have intensified investor concerns, pushing Netflix stock lower for the third consecutive day and erasing billions from its market value.
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