Netflix Inc. shares (NFLX) experienced a notable drop this week after billionaire entrepreneur Elon Musk intensified a social media campaign urging his massive following to cancel their subscriptions to the streaming service.
The campaign, which has been amplified under the hashtag “Cancel Netflix” on Musk’s platform X (formerly Twitter), centers on content and personnel decisions at the company that critics allege promote a “woke” or “pro-transgender agenda.”
Netflix stock closed down approximately 2% on Thursday, adding to a multi-day slide, as the social media firestorm fueled concerns among some investors about a potential subscriber backlash.
The immediate trigger for the renewed push began when Musk publicly confirmed he had cancelled his own Netflix subscription and echoed posts criticizing the platform for its association with an animated series creator, Hamish Steele. Steele, the creator of the now-canceled show ‘Dead End: paranormal park’ which drew fire from conservative commentators for past social media posts that allegedly mocked the recent assassination of right-wing activist Charlie Kirk.
Musk did not mince words, posting a directive to his followers: “Cancel Netflix for the health of your kids,” and specifically criticizing the animated series for allegedly pushing a “pro-trans content” or “transgender woke agenda” on children.
The tech mogul’s involvement quickly elevated the campaign from a niche movement to a major public-relations and investor concern. Musk, who has over 200 million followers on X, has a history of his social media activity impacting stock prices, though the long-term effect of such calls for boycotts is often difficult to gauge.
While Netflix shares saw an immediate dip following Musk’s posts, some analysts remain divided on the long-term impact. The stock decline also coincided with broader market negativity this week, partially attributed to the U.S. government shutdown.
