Streaming Giant Under Fire as Musk Fuels Cancel Culture Debate

Shares of Netflix Inc. slipped more than 2% on Wednesday after billionaire entrepreneur Elon Musk urged subscribers to cancel their accounts, sparking renewed debate over the company’s content strategy and diversity policies.

Musk, who runs Tesla, SpaceX, and social platform X, posted several messages encouraging users to “Cancel Netflix,” adding in another post, “Cancel Netflix for the health of your kids.” He also disclosed that he had cancelled his own subscription.

The controversy intensified after Hamish Steele, creator of the animated Netflix series Dead End: Paranormal Park, faced backlash for describing late conservative activist Charlie Kirk, who was recently shot dead, as a “nazi” in a Bluesky post. Critics accused Steele of mocking Kirk’s death, prompting some users to cancel their subscriptions. Musk amplified one of those posts with a simple response: “Same.”

In another exchange, Musk commented on Netflix’s latest inclusion and diversity report, which showed increases in directors and lead characters from underrepresented groups. When a post claimed Netflix was “discriminating against White people,” Musk replied: “Cancel Netflix.”

The public spat had an immediate impact on investor sentiment, with Netflix stock closing down 2.34% on the day. The drop underscores how cultural and political debates can quickly influence market performance, particularly when amplified by high-profile figures with massive followings.

For Netflix, the development comes as the streaming giant faces slowing subscription growth and intense competition from rivals such as Disney+, Amazon Prime Video, and Apple TV+. While past boycotts have generally had limited long-term effects on subscriber numbers, analysts warn that short-term volatility remains a risk whenever controversies trend across social media.