Elon Musk stirs up the market with calls to cancel Netflix
Musk accused Netflix of influencing children with its programming, and the boycott caused sharp declines in the company's value.
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Elon Musk, owner of X and CEO of Tesla, once again sparked controversy by asking his followers to cancel their Netflix subscriptions, arguing that the platform promotes “woke” and “trans” content in children's programs.
On his X account, Musk wrote:
And he replied “Same” to a user who claimed to have canceled their membership, implying that he did the same.
Netflix's stock market losses and market value
Netflix shares fell between 2 1TP3Q and 3 1TP3Q after Musk's calls.
In just one or two days, the company's market value dropped by more than US$15 billion.
Despite this severe loss, some analysts point out that the decline is temporary and that Netflix maintains solid fundamentals such as growing revenue and a global user base.
Musk has indicated that his motivation is to protect children from what he perceives as an ideological agenda. Park, which includes a transgender character and has been the focus of conservative criticism.
Netflix has yet to issue a direct public response to Musk's call.
Despite the boycott prompted by Elon Musk, Netflix enters the episode with a recent strength that's hard to ignore: in recent years, it has accumulated hundreds of millions of subscribers around the world, diversified its revenue through ad-supported plans, and improved its profit figures year after year thanks to original content and sustained growth strategies.
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