Netflix Loses $25 Billion In Market Value After Elon Musk Urges Users To Cancel Subscriptions

Netflix has seen its market value plunge by roughly $25 billion following Elon Musk’s public call for subscribers to cancel their accounts.

The streaming platform’s valuation dropped from about $514 billion on September 27 to $489 billion by October 3, according to Yahoo Finance. Nearly $7 billion of that loss reportedly occurred immediately after Musk’s October 1 post encouraging users to abandon the service.

Netflix shares tumbled nearly 5% over five trading days, marking their steepest weekly decline since April. The drop came as Musk continued urging his 227 million followers on X to cancel subscriptions, accusing Netflix of promoting transgender themes in children’s programming.

While major tech stocks like Amazon and Meta gained around 2% alongside a rising Nasdaq, Netflix’s performance lagged. On October 2, the company’s shares briefly fell 1.2% before closing 0.8% lower at $1,161, Forbes reported.

Analysts estimate that between $15 billion and $25 billion in Netflix’s market value has been wiped out since Musk began his boycott campaign, though figures vary across reports. The timing of the losses closely aligns with Musk’s repeated posts urging a boycott “for the health of your kids,” which he said was in response to alleged “LGBT propaganda.”

The backlash comes amid controversy surrounding the canceled Netflix animated series Dead End: Paranormal Park, directed by Hamish Steele, which conservative critics accused of promoting progressive themes.