Elon Musk’s Netflix boycott sparks $15 billion market loss amid ‘Woke Agenda’ backlash

Global streaming leader Netflix is facing a major backlash after Tesla CEO Elon Musk called for a boycott of the platform, triggering a sharp decline in its stock value and renewed debate over its content choices.

The controversy stems from the resurfaced animated series “Dead End: Paranormal Park”, which features a teenage transgender character. The show, cancelled in 2023 after two seasons, recently drew criticism from conservative commentators who accused Netflix of promoting a so-called “woke agenda”.

Musk amplified the criticism on X (formerly Twitter), announcing that he had cancelled his own Netflix subscription and urging others to do the same, citing the need to “protect children’s well-being”. His post quickly went viral, sparking the #CancelNetflix movement that sent ripples across Wall Street.

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According to WION, Netflix’s shares plunged by 4.3% in less than two days, wiping out roughly $15 billion in market capitalisation. Over the course of a week, the streaming giant recorded its steepest stock drop since April, slipping nearly 5%.

The situation intensified when right-wing pages such as Libs of TikTok resurfaced clips from the cancelled show, prompting Musk to describe the content as “not ok”. Focus later turned to Hamish Steele, the show’s creator, who is openly queer. Steele faced fresh criticism over old social media comments about conservative activist Charlie Kirk, which Musk also amplified.

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Musk’s involvement reignited familiar tensions around cultural and ideological divides in entertainment. The billionaire has consistently spoken out against what he terms the “woke mind virus”, particularly in matters related to gender identity — referencing his own family’s experiences.

As of now, Netflix has not issued any official statement addressing either Musk’s boycott or the backlash surrounding Steele.

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This latest episode underscores Netflix’s ongoing struggle to balance creative freedom with audience sensitivities. The company has faced similar controversies in the past—most notably in 2020, when the film “Cuties” drew global condemnation over allegations of child exploitation.