Elon Musk’s “Cancel Netflix” Campaign Wipes Out Nearly $25 Billion from Streaming Giant’s Market Value in a Week

Netflix’s market value has taken a massive hit, reportedly slipping from about $514 billion on September 27 to $489 billion by October 3, a decline of nearly $25 billion. 

Reportedly, almost $7 billion vanished right after Elon Musk’s October 1 post urging followers to drop their subscriptions. According to Yahoo Finance, Netflix shares fell dramatically on Friday, marking their biggest weekly decline since April 4.

Over the past five trading days, the stock dropped nearly 5% as Tesla CEO Elon Musk continued urging his 227 million followers on X (formerly Twitter) to cancel their Netflix subscriptions. Musk criticised the streamer for allegedly promoting transgender messaging in kids’ shows.

While the Nasdaq and overall markets climbed about 2% to record highs over the week, Netflix lagged behind Big Tech peers like Amazon (AMZN) and Meta (META). 

On Thursday, Netflix shares opened lower, falling 1.2% before trimming losses to end 0.8% down, reaching $1,161 at 2:15 p.m. EDT, Forbes reported. The stock has dropped about 2.4% since Musk tweeted on Tuesday that he had cancelled his Netflix subscription. Over the past five trading days, Netflix shares have fallen 4.4%, even as the tech-heavy Nasdaq recorded its fifth consecutive day of gains.

Reports show that $15 billion in Netflix shares were liquidated after one tweet by Elon Musk, in which he simply wrote: “Cancel Netflix.” The billionaire urged his followers to cancel their streaming subscriptions “for the sake of children’s health,” labelling the platform’s content as “LGBT propaganda.”

Some reports estimate that Netflix has lost over $15 billion in market value since Musk’s campaign began, while conservative sources put the figure closer to $25 billion. But regardless of the exact total, analysts agree that the timing between Musk’s boycott call and Netflix’s market dip is too significant to dismiss.

Musk has repeatedly called for a boycott, writing on Tuesday: “Cancel Netflix for the health of your kids.” The billionaire CEO also reposted messages accusing Netflix of pushing a “transgender woke agenda.”

The boycott calls come amid ongoing controversies surrounding the cancelled Netflix animated series, Dead End: Paranormal Park, directed by Hamish Steele. Conservative critics claimed the show promoted progressive ideas they disagreed with.

Musk’s post was in response to another user who said they were leaving Netflix after Steele criticised conservative activist Charlie Kirk in a tweet. In it, Hamish reportedly criticised UK Prime Minister Keir Starmer’s condolence message about Kirk, calling Kirk a “random nazi,” according to the right-wing account Libs of TikTok. The show, Dead End: Paranormal Park, was cancelled in 2023 by Netflix.

Responding to the backlash, Hamish Steele wrote on Bluesky: “I have mostly been very ok today and found it all quite funny, while really appreciating everyone who has reached out, but the extremely nasty weird [homophobic] and antisemitic emails have started rolling in and it is getting a little scary so I apologise if I take longer to respond to stuff.”

Netflix is scheduled to report its third-quarter earnings on October 21. In its last earnings report, the streaming giant beat Wall Street expectations, projecting third-quarter revenue at $11.53 billion and earnings per share (EPS) of $6.87. The company also raised its full-year revenue outlook to $44.8–$45.2 billion.

Executives disclosed that ad sales are on pace to double to roughly $3 billion next year, signalling Netflix’s continued push to expand its ad-supported tier.

However, analysts say the recent market tumble spurred by Musk’s high-profile social media campaign could put pressure on the company’s upcoming financial results and investor confidence.

With public perception now split between supporters and critics of Musk’s stance, and with Netflix standing firm on its content strategy, the coming weeks may prove crucial for the streaming leader’s brand reputation and market recovery.