Elon Musk’s ‘Cancel Netflix’ Call Wipes $15.1 Billion Off Streaming Giant

Netflix has lost an estimated $15.1 billion in market value following a wave of subscription cancellations triggered by Elon Musk’s call to boycott the platform.

The billionaire tech mogul, who has more than 227 million followers on X (formerly Twitter), announced that he had canceled his own subscription and urged others to follow suit, accusing Netflix of pushing what he described as a “transgender woke agenda.”

Musk specifically targeted the children’s animated series Dead End: Paranormal Park, which features a transgender teenage protagonist. In his post, he wrote: “Cancel Netflix for the health of your kids,” sparking the hashtag #CancelNetflix, which trended worldwide.

The backlash was further fueled by resurfaced comments allegedly made by the show’s creator, Hamish Steele, who was accused of mocking the death of conservative activist Charlie Kirk. Steele denied the claims, but conservative groups and parents ramped up criticism, accusing Netflix of promoting progressive gender ideologies to children.

As cancellations surged, Netflix stock took a hit. Shares dropped 2.3% on Wednesday, extending several days of decline, and wiping out more than $15 billion in market capitalization. Investors are now raising concerns about the potential long-term impact on subscriber numbers and the company’s reputation.

Netflix has not yet issued a public response to the controversy.

Meanwhile, the boycott has also spread beyond the United States. In Malawi, social media influencer Pemphero Mphande joined the campaign, announcing on his platforms that he had canceled his Netflix subscription  a move that quickly gained attention after Netflix confirmed the termination.

As the cultural debate over streaming content intensifies, the world’s biggest entertainment platform faces mounting pressure to balance creative expression with growing criticism from influential voices like Musk.