Streaming giant Netflix has reportedly lost nearly $25 billion in market value following billionaire Elon Musk’s public call for users to cancel their subscriptions over transgender characters in children’s programming.
Musk posted calls to cancel Netflix at least 26 times over three days, telling his 227 million X followers to “Cancel Netflix for the health of your kids” in response to animated shows featuring trans characters. Netflix stock headed for roughly a 5% weekly drop, marking its biggest decline since April 2025.
Reports differ on exact losses, with estimates ranging from $15 billion to $25 billion, though analysts agree the timing between Musk’s boycott campaign and the share price slump is striking. Waves of Netflix subscribers began cancelling subscriptions after the X CEO highlighted children’s shows he claimed push transgender ideology.
The controversy centers on animated programming that features transgender characters, which Musk characterized as inappropriate for young audiences. The Netflix $25 billion loss represents one of the most significant market value drops triggered by a single influencer’s boycott call in streaming industry history.
