Netflix loses over $15B in market value after Elon Musk calls for subscription cancellation

By Mucahithan Avcioglu

ISTANBUL (AA) - US-based streaming service Netflix has lost around $15 billion in market capitalization in just more than a day after billionaire Elon Musk called for a subscription cancellation due to what he called the "woke" content.

Netflix shares were down by 4.3% in one-and-a-half days to $1,140.50 as of 1435GMT Thursday.

The market cap of the firm fell to $482.9 billion on Thursday, compared to around $498 billion on Wednesday, according to data from stockanalysis.com.

The controversy on Netflix started with allegations that some of its shows push "woke" content, especially on children. After that #CancelNetflix hashtag went viral.

Elon Musk joined the controversy by asking consumers to cancel their subscriptions, arguing the corporation was sending negative signals to children.

"Cancel Netflix for the health of your kids," Musk wrote on US social media company X, which he owns.

Since he began his cancellation campaign, many users posted photos on social media, showing that they cancelled their memberships.

Musk's comments added to financial pressure as Netflix shares fell for the third day in a row, taking billions off the company's market worth.