Netflix has lost more than $15 billion in market value over two trading sessions after Elon Musk called on his millions of followers to boycott the streaming giant, accusing it of promoting a “woke agenda” through transgender representation in a children’s show.
The Tesla and SpaceX chief posted repeatedly on X (formerly Twitter), telling followers to “cancel Netflix for the health of your kids” and amplifying clips from Dead End: Paranormal Park, an animated series featuring a transgender protagonist.
Shares of Netflix fell across consecutive trading days, trimming its market capitalisation from around $498 billion to $483 billion, according to publicly available data. The company declined to comment on the controversy.
A Familiar Flashpoint
Musk’s criticism focused on Dead End: Paranormal Park, a two-season series adapted from the graphic novels DeadEndia by Hamish Steele, which follows a trans teenager navigating supernatural adventures in a haunted theme park. The show, rated TV-Y7, first aired in 2022 and was cancelled a year later but remains on the platform.
“This is not ok,” Musk wrote in one post, sharing a clip originally uploaded by the activist account Libs of TikTok, known for targeting LGBTQ+ content. He later doubled down, accusing Netflix of “pushing a trans agenda” in children’s programming.
Steele, the show’s creator, said the backlash had led to a flood of harassment. In a post before taking a break from social media, he said he had received “homophobic and antisemitic abuse” following Musk’s comments.
The show’s lead voice actor, Zach Barack, who is transgender, defended the series: “Kids and parents have told me it saved their lives.”
Market Reaction and Context
The sell-off in Netflix shares came amid a wider debate about how streaming platforms handle children’s content that features LGBTQ+ themes. Analysts noted that the company’s dip — roughly 3 per cent over two sessions — mirrors past flare-ups tied to social media outrage.
“Netflix is used to this kind of turbulence,” said one media analyst at RBC Capital Markets. “The stock is sensitive to sentiment, but these movements tend to fade as quickly as they come.”
In 2020, Netflix faced a similar backlash over the French film Cuties, and in 2021, the company weathered protests over Dave Chappelle’s comedy specials. In both cases, the fallout proved short-lived.
Still, Musk’s involvement gives this episode unusual weight. With more than 190 million followers on X, his personal endorsements — and denunciations — can send corporate shares sliding.
The Politics of Streaming
The uproar also renews scrutiny of Musk’s own record on transgender issues. The billionaire is estranged from his transgender daughter and has previously claimed that the “woke mind virus” had “killed” her, remarks that drew condemnation from rights groups.
Critics accused Musk of engaging in the same “cancel culture” he frequently mocks, while supporters praised him for “protecting children.”
Netflix, meanwhile, has defended its approach to programming diversity, arguing that its catalogue is designed to serve a broad global audience. Executives have repeatedly said that “not every title is for every viewer” and point to parental controls and age ratings as safeguards for families.
The Business Outlook
Despite the week’s volatility, Netflix remains financially strong. The company has posted steady subscriber growth, boosted by a crackdown on password sharing and the rollout of a lower-priced, ad-supported plan.
Analysts say the immediate impact of the boycott will likely be limited. “It’s more noise than structural damage,” said a JPMorgan entertainment sector analyst. “But it does show how culture wars can ripple through even the biggest brands.”
By the end of the week, Netflix’s share price appeared to stabilise. The broader question — whether Musk’s call translates into mass cancellations — may only be answered in the company’s next quarterly report.
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