Netflix has lost $25 billion since Elon Musk urged users to cancel subscription.
The streaming giant’s market value has taken a massive hit, reportedly slipping from about $514 billion on September 27 to $489 billion by October 3, a decline of nearly $25 billion.
Almost $7 billion reportedly vanished right after Elon Musk’s October 1 post urging followers to drop their subscriptions.
According to Yahoo Finance, Netflix shares fell dramatically on Friday, October 3, marking their biggest weekly decline since April 4.
Over the past five trading days, the stock dropped nearly 5% as Tesla CEO Elon Musk continued urging his 227 million followers on X to cancel Netflix subscriptions. Musk criticised the streamer for allegedly promoting transgender messaging in kids’ shows.
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