Netflix Shares Plunge as US Subscribers Cancel Over Transgender Movie Controversy
Netflix is facing turbulent times after a wave of American users cancelled their subscriptions, triggered by a social media backlash fueled by Elon Musk. The streaming giant’s stock price has plummeted, reflecting the impact of the boycott. Trading around $1,167 per share, Netflix experienced a substantial 31% decrease in its share value following the user exodus.
The Elon Musk Effect and the “Dead End: Paranormal Park” Controversy
The boycott gained momentum after Elon Musk publicly endorsed the trending movement urging Americans to cancel their Netflix subscriptions. In a tweet on X (formerly Twitter), Musk stated, “Cancel Netflix for the health of your kids,” confirming his own subscription cancellation. This was largely a response to controversy surrounding the animated series “Dead End: Paranormal Park” and its creator, Hamish Steele. Steele’s past remarks, perceived as mocking conservative activist Charlie Kirk, resurfaced and ignited outrage. The inclusion of transgender themes in Steele’s show further fueled the boycott among certain user segments.
While this controversy has undoubtedly impacted Netflix’s stock performance and subscriber base, particularly in the US market, it does not necessarily spell long-term failure for the streaming service. The company operates globally, including in Africa, where its content strategy and target audiences may differ significantly. However, the incident highlights the growing influence of social media and public opinion on corporate valuations, and the potential risks associated with controversial content choices.
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