Netflix Stock Performance As shown in the finance card above, Netflix (NFLX) shares closed at $1,191.06 on October 7, 2025, reflecting a recovery from a reported 4.3% drop in just one and a half days, which shaved approximately $15 billion off its market capitalization, bringing it to $482.9 billion by October 3. The stock experienced a nearly 5% weekly decline, its steepest since April 2025, lagging behind a 2% broader market rally. Some reports suggest the market cap loss reached as high as $25 billion.
Boycott Campaign and Controversy The downturn followed a viral boycott campaign led by Elon Musk, who on October 1, 2025, posted on X, “Cancel Netflix for the health of your kids,” amassing over 51 million views. Musk’s call, echoed by conservative accounts like Libs of TikTok, targeted the canceled Netflix series Dead End: Paranormal Park (2022–2023), which featured a transgender character, accusing the platform of pushing a “transgender woke agenda.” The hashtag #CancelNetflix trended as users shared subscription cancellation screenshots.
The controversy intensified over comments by the show’s openly queer creator, Hamish Steele, who in September 2025 posted on Bluesky, calling the late conservative activist Charlie Kirk a “Nazi” after his death in a shooting. Musk amplified claims that Steele “celebrated” Kirk’s death, framing Netflix as complicit. Musk’s posts, including at least 26 boycott calls over three days, aligned with his broader critique of the “woke mind virus,” often tied to his personal experiences with his daughter’s transition.
Context and Netflix’s Response This echoes past Netflix controversies, like the 2020 Cuties backlash, which saw a fivefold surge in cancellations but minimal long-term impact. Netflix has not commented on Musk’s campaign or Steele’s remarks as of October 6, 2025. The company’s third-quarter earnings, due later in October, project $11.53 billion in revenue and $6.87 EPS, with ad sales expected to double to $3 billion in 2026, bolstered by shows like Wednesday and Squid Game. However, since Netflix no longer reports quarterly subscriber numbers, the boycott’s direct impact is hard to quantify.
Broader Implications The boycott, amplified by Musk’s 227 million X followers, highlights social media’s influence on markets, as seen in the 2023 Bud Light boycott. Despite the drop, analysts like Oppenheimer’s Jason Helfstein remain optimistic, citing 20% year-over-year engagement growth and a $1,425 price target. The controversy raises questions about content decisions and corporate navigation of cultural debates, with Musk’s influence—also evident in Tesla’s stock dip to $433.09 on October 7—underscoring the volatile intersection of ideology and finance.
