By Sabiu Abdullahi
Netflix has lost billions of dollars in market value after billionaire Elon Musk urged viewers to cancel their subscriptions, accusing the streaming giant of promoting what he described as excessive LGBTQ+ content — including in children’s shows.
Musk, in a post on X, said Netflix had become “unwatchable,” claiming it was “almost impossible to find a movie without an LGBTQ+ scene.”
The Tesla and SpaceX chief linked his criticism to his long-standing stance on gender and identity issues, particularly after his child, Vivian Wilson — formerly Xavier Musk — transitioned and publicly cut ties with him.
Following Musk’s comments, Netflix’s share price fell between 2% and 4% within a short period, resulting in an estimated loss of about $15 billion in market capitalization, according to reports from Investing.com and Anadolu Agency.
Analysts noted that while the drop coincided with Musk’s remarks, broader market movements may have also contributed.
However, some social media posts and blogs have claimed the loss exceeded $20 billion, a figure not supported by mainstream financial outlets or market data.
Financial experts caution that the online figure appears to be exaggerated or based on speculative estimates.
Musk’s criticism has sparked heated debate online. Supporters praised him for taking a stand against what they call “agenda-driven content,” while others accused him of intolerance and misinformation.
Netflix has not issued an official response to Musk’s remarks, but the company has previously defended its content diversity, saying it aims to reflect a wide range of human experiences.
While the exact financial impact of Musk’s boycott call remains unclear, the controversy once again highlights how powerful public figures can influence corporate reputation and market performance in the digital age.