Elon Musk issues call, Netflix shares plummet
Following Tesla CEO Elon Musk's call to cancel Netflix subscriptions, the company's shares experienced a sharp decline. The stock saw its largest weekly loss since April 4.
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Netflix experienced a sharp loss in value this week following boycott calls from Elon Musk. Netflix shares, which lost value on Friday, recorded their largest weekly decline since April 4. The company's shares fell by approximately 5 percent over a 5-day period following the calls Musk made on his X platform.
NETFLIX LAGS BEHIND WHILE THE GENERAL MARKET HITS RECORDS
Netflix's stock performance lagged behind the general market, which rose by 2 percent during the same period, and major technology companies like Amazon and Meta, which hit record highs.
MAJOR DECLINE AFTER MUSK'S BOYCOTT CALL
The decline in shares intensified as Elon Musk ramped up his boycott calls. On the X platform, Musk called on his 227 million followers to cancel their Netflix subscriptions and accused the platform of including "so-called trans messages" in children's programming.
Over the past few days, Musk has made a series of posts criticizing Netflix's content. In a message posted on Tuesday, Musk stated, "Cancel Netflix for the sake of your children's health."