Elon Musk’s public call to boycott the streaming behemoth spiked subscription cancellations, which plummeted Netflix’s market value by $15.1 billion.
Netflix’s children’s shows, especially the animated series Dead End: Paranormal Park, which has a transgender adolescent lead, are the focus of the criticism.
Musk, who has a sizable following on X, announced that he had terminated his own Netflix subscription and urged his 227 million followers to do the same.
“Cancel Netflix,” Musk stated bluntly.
He shared posts from people who had unsubscribed in protest, criticising the show for pushing a “transgender woke agenda.”
Many responded favorably to his follow-up message, which reads, “Cancel Netflix for the health of your kids,” which caused a sharp increase in cancellations and the trending hashtag #CancelNetflix.
Hamish Steele: transgender shows producer at the centre of the controversy
After conservatives unearthed old social media posts by the show’s creator, Hamish Steele, who allegedly made offensive comments regarding the September assassination of right-wing activist Charlie Kirk, the backlash grew more intense.
Despite Steele’s now-deleted Bluesky post dismissing the outrage as “lies and slander,” the storm has continued to gain online traction.
The incident stoked more outrage among conservative groups and parents, who accused Netflix of promoting progressive gender ideologies to children, even though Steele denied the accusations.
The fall of Netflix’s market value
The controversy has also shaken Wall Street. Netflix’s market value was wiped out as its shares dropped two per cent on Wednesday and another two per cent on Thursday.
The combined effect has dropped the company’s market capitalisation by $15.1 billion. The possible long-term effects on subscriber numbers and brand reputation are causing investor concerns to grow.
Netflix has not yet publicly addressed the controversy or Musk’s remarks. As the situation progresses, the streaming service is under more pressure to manage the cultural controversy surrounding its content offerings.
Elon Musk’s personal grouse
Musk has a personal edge to his attack. His oldest daughter, Vivian Jenna Wilson, broke off her relationship with him in 2022 when she legally changed her name and publicly transitioned.
Since then, Musk has asserted that the “woke mind virus” taught in prestigious Californian schools “killed” his child.
The wealthiest man in the world has taken a more active role in America’s cultural conflicts, often using his extensive online following to promote conservative viewpoints that contradict what he refers to as “woke ideology.”