Streaming giant Netflix has reportedly lost about $25 billion in market value following calls for a boycott led by billionaire entrepreneur Elon Musk.
The company’s valuation dropped from around $514 billion on September 27 to $489 billion by October 3, marking a decline of nearly $25 billion within a week.
The decline followed Musk’s October 1 post on X (formerly Twitter), where he urged his 227 million followers to cancel their Netflix subscriptions, accusing the platform of promoting transgender content in children’s programming.
“Cancel Netflix for the health of your kids,” Musk wrote, adding that the streamer was pushing what he described as “LGBT propaganda.”
According to Yahoo Finance, Netflix shares fell sharply on Friday, October 3, marking their biggest weekly loss since April 4. Over the past five trading days, the company’s stock slid almost 5%, even as broader markets, including the Nasdaq, rose by about 2%.
Analysts noted that while other Big Tech firms such as Amazon and Meta recorded gains during the week, Netflix lagged behind. On October 2, the company’s shares opened 1.2% lower before closing 0.8% down at $1,161, according to Forbes.
Since Musk first announced he had cancelled his own Netflix subscription on September 30, the stock has fallen approximately 4.4%, coinciding with the renewed wave of criticism.
Reports differ on the exact losses, with some sources estimating that Netflix’s market value dropped by $15 billion, while conservative estimates put the figure closer to $25 billion. Still, most analysts agree the timing between Musk’s boycott campaign and the share slump is striking.
The backlash comes amid renewed debate over the cancelled Netflix animated series Dead End: Paranormal Park, directed by Hamish Steele, which featured LGBTQ+ themes. Conservative commentators have accused Netflix of promoting a “woke agenda,” while others have defended the platform’s commitment to diversity and creative freedom.