Netflix shed more than $15 billion in market value over two sessions after Elon Musk urged his millions of followers to cancel their subscriptions, intensifying a backlash over transgender representation in a children’s series and reviving questions about the streaming company’s exposure to politically driven consumer boycotts. The slide came as the Tesla and SpaceX chief repeated calls to “Cancel Netflix for the health of your kids,” amplifying a clip from the animated show “Dead End: Paranormal Park” in which the teenage protagonist identifies as transgender. Shares fell across consecutive trading days this week, trimming the Los Gatos-based company’s market capitalization from roughly $498 billion to about $483 billion in the period that followed Musk’s posts, according to publicly available pricing and market-cap data. Netflix declined to comment on the campaign.
Musk’s criticism centred on the show’s inclusion of a trans lead, which he framed as inappropriate for children, while reposting memes that described a “transgender woke agenda” and accused Netflix of pushing political messages. “This is not ok,” he wrote in one early post as he boosted a clip originally shared by the activist account Libs of TikTok. He followed with multiple messages over subsequent days, including the admonition to cancel subscriptions, and highlighted other Netflix programs that feature LGBTQ+ characters or themes. The billionaire’s personal life has intersected with the subject in recent years; he is estranged from his transgender daughter, Vivian Jenna Wilson, and has said in interviews that the “woke mind virus” had “killed” his child, comments that drew condemnation from advocacy groups and public figures.
The creator of “Dead End: Paranormal Park,” Hamish Steele, said the renewed attention had brought a wave of abuse and announced a break from social media after receiving messages he described as homophobic and antisemitic. The two-season series, adapted from Steele’s “DeadEndia” graphic novels, premiered in 2022 and was cancelled in 2023 but remains available on Netflix. Its protagonist, Barney Guttman, is a trans teen voiced by Zach Barack, who defended the show and its impact, saying “kids & parents have told me it saved their lives!!” The series carries a TV-Y7 rating, indicating it is intended for children aged seven and older. Supporters of the program say it offers representation that helps young viewers see their experiences reflected on screen, while critics accuse the platform of politicising children’s entertainment.
The sell-off in Netflix shares unfolded as Musk posted or reposted boycott messages dozens of times, an escalation that mirrors prior episodes in which his interventions have roiled corporate reputations or stock prices. In the past two years he has urged followers to delete applications, boycott brands and “defund” organisations after high-profile disputes, and advertisers have periodically fled his social media platform, X, over content moderation controversies. While the causal relationship between online campaigns and market moves is seldom clear-cut, investors treated this week’s pressure as a fresh headline risk for a company that has previously weathered ideological flare-ups without lasting damage to its subscriber base. In 2020, outrage over the French film “Cuties” produced a short-lived spike in cancellations that faded within days; in 2021, employee walkouts over Dave Chappelle’s specials prompted leadership to defend “artistic freedom” while reaffirming wide-ranging programming.