Netflix loses eye-watering amount of money following Elon Musk’s call to cancel 'woke' streaming service

Netflix might be a goliath of the streaming world, but when it comes to a war between the massive corporation and the world's richest man, Elon Musk is slowly gaining ground.

While Netflix lords it over the likes of Disney+ and Amazon, it isn't all smooth sailing.

The streaming giant is known for a diverse roster of shows and movies that range from the likes of Stranger Things to Squid Game, The Witcher to the Monster anthology series.

It's also made a name for itself promoting a slew of LGBTQ+ content and racially diverse output, which has led to a vocal minority claiming Netflix has gone 'woke'.

The problem is, when one of those in the vocal minority is Elon Musk, and boasts 227 million followers on X, it can sometimes be hard to ignore the shouting.

Musk took umbrage with the creator of Dead End: Paranormal Park, who shared his views on the death of Charlie Kirk and referred to the controversial commentator as a 'd**khead' and a 'random nazi'.

Although the show was cancelled in January 2023, that hasn't stopped the Libs of TikTok account and Musk from calling for people to boycott Netflix by cancelling their subscriptions. Seemingly moving on from the Kirk debacle, Musk has then amplified the idea that Netflix is 'racist' while turning his attention to Michelle and Barack Obama.

We've seen these kinds of boycotts do little to affect companies before, but according to Financial Express, Netflix is already feeling the pinch.

The outlet reports how Netflix's market value has been pummelled from $514 billion on September 27 to $489 billion on October 3. The sharp decline of nearly $25 billion has been directly attributed to Musk, with $7 billion being wiped out in the immediate aftermath of his post.

What's most concerning is that Netflix's market value now hovers around the same ballpark as Elon Musk's net worth. It's also said that a dramatic slump toward the end of last week culminated in Netflix's biggest weekly decline since April 4.

It comes after Forbes explained how stocks had started to tumble following Musk's original post, and on October 2, shares were already down 4.4% on five days of trading.

Then again, sensationalist headlines about Netflix going 'broke' are being massively exaggerated. In the past six months alone, shares have been trading up 32.90%, while they're up 64.31% in the past 12 months.

Considering Netflix shares are currently worth $1,153 compared to Disney's $113, things might not be as grim over there as you’d think.

There's still a massive year ahead for Netflix, and with the final season of Stranger Things starting its three-part release on November 26, we imagine the company will soon be rolling in it.

Whether Elon Musk's call to boycott the 'woke' Netflix will continue to stunt the streaming service's bottom line remains to be seen, but either way, $25 billion isn't exactly short change for anyone.