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Netflix Stock Drops Again—Now Down 2.4% Since Musk’s Call For Cancellations
Elon Musk's cancellation triggered a 2% Netflix stock drop and a subscriber boycott, raising fresh debate on subscription pricing amid rising content costs.
- On Tuesday, September 30, Elon Musk, Tesla CEO, cancelled his Netflix subscription, causing the stock to fall more than 2% the following day.
- Amplifying a Libs of TikTok post, Elon Musk, Tesla CEO, urged his 227 million followers on X to `Cancel Netflix for the health of your kids`, fueling the #CancelNetflix backlash soon.
- At 2:15 p.m. EDT the stock was trading at $1,161 after initial losses, having fallen another 2.4% yesterday and dipping 0.52% in pre-market.
- The company reported 16% year-over-year revenue growth to $11 billion and net profit of $3.1 billion, while Musk's boycott has made only a small dent this year.
- Momentum continued on October 2 with Musk's followers posting cancellation screenshots, while investors warn public cost debates may accelerate churn amid Disney+ and Amazon Prime Video competition.
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Netflix Loses More Than $15B in 1 Week
Streaming giant Netflix saw its shares drop 2.4% this week, or the equivalent of more than $15 billion in only a few days, following the call for a boycott of the company from Tesla CEO Elon Musk, Forbes reported on Thursday. Musk, billionaire and former White House adviser, urged his 227 million followers on X to cancel their Netflix subscriptions "for the health of your kids" and slammed a cartoon he claimed promoted a pro-transgender agenda t…
Elon Musk felt that the presence of a character in a Netflix children's program was "not normal."
·Paris, France
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Total News Sources27
Leaning Left1Leaning Right8Center3Last UpdatedBias Distribution67% Right
Bias Distribution
- 67% of the sources lean Right
67% Right
C 25%
R 67%
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