The company's stock fell 4.3% in less than two days, sliding to $1,140.50 by Thursday afternoon in New York. The decline pulled its market capitalisation down to $482.9 billion from around $498 billion on Wednesday, according to figures from stockanalysis.com.
The controversy erupted earlier in the week after conservative social media account Libs of TikTok revived the hashtag #CancelNetflix, citing corporate diversity policies and the inclusion of LGBTQ+ characters in animated series such as Dead End: Paranormal Park. The campaign quickly gathered momentum, with critics alleging that Netflix was exposing children to inappropriate narratives.
Musk entered the debate on Wednesday, reposting the hashtag to his 227 million followers on X, the social media platform he owns. 'Cancel Netflix for the health of your kids,' he wrote, intensifying calls for a boycott.
His intervention added weight to the backlash, with users posting screenshots of cancelled subscriptions across social media platforms. Shares fell for a third consecutive day as the campaign spread, heightening pressure on the California-based streaming leader.
Hamish Steele, the creator of Dead End: Paranormal Park, rejected the claims in a series of now-deleted posts on Bluesky, describing the accusations as 'lies and slander.'
The issue has also revived scrutiny of Musk's own complicated relationship with gender identity. His eldest daughter, Vivian Jenna Wilson, publicly transitioned in 2022, a move Musk later attributed to what he called the 'woke mind virus.'
Netflix has not formally addressed the controversy, but the stock's slide shows how quickly cultural flashpoints can become financial headaches for global brands.
Wycliffe Nyamasege
Source : https://en.igihe.com/business-62/article/netflix-shares-dip-as-musk-targets-platform-s-woke-content
