Since Elon Musk told people to quit their Netflix subscriptions because of a transgender character, the company has lost $25 billion. Th...
Since Elon Musk told people to quit their Netflix subscriptions because of a transgender character, the company has lost $25 billion.
The Nasdaq and the markets as a whole hit new highs this week, up about 2%. However, Netflix has lagged behind Big Tech companies like Amazon (AMZN) and Meta (META). Also on Thursday, October 2, Netflix shares started the day down, going down 1.2% before recovering some of their losses to end the day down 0.8%, hitting $1,161 at 2:15 p.m. EDT, according to Forbes. The price of the stock has gone down about 2.4% since Musk wrote on September 30 that he was cancelling his Netflix account. Netflix shares have dropped 4.4% in the last five trading days, while the tech-heavy Nasdaq has gained for five days in a row.
After one tweet by Elon Musk, $15 billion worth of Netflix shares were sold off. "Stop Netflix."
He told them to cancel their streaming service because it was bad for their kids' health and called it LGBT propaganda.
Some news sources say that Netflix's market value has dropped by more than $15 billion since Musk's calls started. Sources on the right say the amount is about $25 billion. Analysts agree, though, that it's hard to ignore the link between Musk's call for a boycott and the drop in the stock price.
Musk has asked people to protest many times. On Tuesday, he wrote, "For your kids' health's sake, pause Netflix."
The CEO of a billion-dollar company also shared messages that said Netflix was pushing a "transgender woke agenda." These boycotts happen because of the problems with the cancelled Netflix animated show Dead End: Paranormal Park, which was created by Hamish Steele. Some conservatives said the show supported liberal ideas that they didn't agree with.