Netflix Market Cap Falls $15B After Elon Musk Calls for Boycott Over ‘Dead End’

Netflix shares plunged following Tesla CEO Elon Musk’s call to boycott the streaming platform, triggering a dramatic market reaction. The controversy stems from Musk’s criticism of Netflix content, particularly the animated series ‘Dead End: Paranormal Park’, which featured a teenage transgender character.

Musk revealed on X (formerly Twitter) that he had cancelled his Netflix subscription, urging others to follow suit, citing concerns about children’s well-being. The hashtag #CancelNetflix quickly went viral, prompting a wave of subscription cancellations and causing Netflix shares to fall by 4.3% within just 36 hours. The company’s market capitalisation dropped by $15 billion, marking its steepest decline since April 2025.

The show, which was canceled in 2023 after two seasons, resurfaced in controversy when conservative social media accounts highlighted clips from the series as part of a so-called “transgender woke agenda.” Musk amplified these posts, condemning the content as “not ok.”

Further criticism targeted Hamish Steele, the show’s openly queer creator. Steele’s social media posts referencing conservative activist Charlie Kirk, who was recently killed in a shooting, drew accusations of insensitivity. Musk shared claims suggesting Netflix employed someone who “celebrated” Kirk’s death, intensifying the backlash.

Musk has previously spoken against what he terms the “woke mind virus”, particularly on issues of gender identity. He has cited personal experiences with his daughter’s transition to justify his stance against what he sees as ideological indoctrination.

Netflix has not issued any official statement regarding Musk’s subscription cancellation or the controversy surrounding Steele. This incident adds to Netflix’s history of cultural clashes, including the 2020 criticism over the French film ‘Cuties’, which sparked bipartisan backlash for allegedly sexualizing young girls.