Netflix Stock Drops 2.4% Post Musk’s Call for Cancellations

Netflix’s stock is taking a bit of a hit recently, down 2.4% since Elon Musk called for users to cancel their subscriptions. Musk’s call came after a director of a canceled Netflix animated series made some comments about late conservative activist Charlie Kirk. The streaming service’s shares initially dropped 1.2% on Thursday before recovering slightly to a 0.8% decrease, reaching $1,161 by 2:15 p.m. EDT.

Since Musk’s tweet on Tuesday announcing he canceled his own Netflix subscription, the company’s stock has seen a decline. This decline is part of a larger trend, with Netflix shares down by 4.4% over the past five days of trading. Musk has further fueled the fire by urging his followers to cancel their Netflix subscriptions, citing concerns about the content on the platform.

The controversy stems from a now-private tweet from the director of the canceled Netflix series “Dead End: Paranormal Park”, Hamish Steele, who criticized Kirk in a post. Despite the backlash, Netflix’s overall financial performance has been strong this year, with shares up 30% since the beginning of the year. In July, the company reported a significant increase in revenue and net profit, showing positive growth.

It’s important to note that Musk’s calls for cancellations are just a blip in Netflix’s otherwise successful year. The streaming service continues to thrive, and with the tech-heavy Nasdaq on a five-day winning streak, the future looks bright. So, while the stock may be down for now, Netflix isn’t showing any signs of slowing down.