Mumbai: A single tweet from billionaire Elon Musk has shocked Wall Street, wiping out nearly ₹2 lakh crore ($25 billion) from Netflix’s market value in days.
The Tesla CEO’s call to “Cancel Netflix for the health of your kids” on October 1 triggered a sharp decline in the streaming giant’s shares, spotlighting the power of social media in swaying markets.
According to the finance card above, Netflix’s market capitalisation plummeted from $514 billion on September 27 to $489 billion by October 3, with shares dropping to $1,153.32 USD. The stock fell 4% over five trading days, including a 1.2% dip on Friday, while rivals like Amazon and Meta saw gains.
Yahoo Finance reported a single-day loss of $7 billion post-tweet, marking Netflix’s steepest weekly decline since April. The backlash stems from Musk’s criticism of Netflix’s animated series Dead End: Paranormal Park, which was cancelled in 2023 but accused of promoting a “transgender woke agenda.” Musk amplified posts alleging the show pushed controversial content, igniting the #CancelNetflix movement.
The series’ director, Hamish Steele, responded on social media, expressing fear over hate comments while thanking supporters. While Netflix has remained silent, investor confidence has suffered. With third-quarter results due on October 21, analysts predict revenue of $11.53 billion and earnings per share of $6.87, with ad revenue expected to hit $3 billion by 2026.
As the dust settles, Musk’s tweet has dented Netflix’s valuation and reignited debates over content, ideology, and corporate vulnerability in the digital age.
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