After a turbulent week on Wall Street, Netflix shares tumbled as Elon Musk’s boycott calls, gained momentum online. Markets closed flat, but Netflix lagged behind peers…
Netflix stock ended the week sharply lower, recording its steepest decline since April, after Elon Musk triggered a wave of debate and investor unease in a high-profile social media campaign, across his platform X.com.
The streaming company’s shares fell nearly by five per cent across the week, with votality influenced by discussion of a potential boycott. By Friday 3rd October 2025, Netflix had underperformed its tech peers, suggesting the decline was driven by public sentiment across social media.
Musk’s “Cancel Netflix” Campaign
The controversy began when Elon Musk, chief executive of Tesla and SpaceX, urged his followers on X (formerly known as Twitter) to cancel their Netflix subscriptions. He accused the streaming platform of promoting “woke” themes in children’s content, referencing Dead End: Paranormal Park, a show featuring a transgender lead character that was cancelled in 2023.
Elon’s posts quickly gained traction, with the hashtag #CancelNetflix trending for several days. Netflix supporters vocalised that that Netflix represents creative freedom and inclusion, whilst others supported Musk’s comments and began a wave of thousands of users sharing screenshots of subscription cancellations.
The Impact
The real impact of Elon’s campaign is expected to become clear when Netflix reports its third-quarter earnings later in October. The company’s results will reveal whether the online backlash has had any measurable effect on subscriber numbers or revenue. Until now, Netflix remains profitable with a broad international footprint and a strong slate of original content that continues to attract global audiences.
The Power of Social Media Narratives
The episode highlights how quickly social-media narratives can influence financial markets. Figures such as Musk have enormous reach online and a few viral posts can easily create short-term market ripples.
Streaming services have faced similar controversies before. In 2023, Disney faced similar criticism but share price recovered as earnings improved and subscribers stabilised. Many analysts expect Netflix to experience a similar rebound, provided the story does not escalate further.
What Will Happen to Netflix Shares this Week?
Markets are set to reopen on Monday and many traders expect a quiet start for Netflix shares. Unless new developments appear, shares are likely to hover near current levels until the company’s earnings update later this month. If Netflix manages to keep subscriber levels and revenue figures intact, the past week’s decline could even represent a buying opportunity.
News written and published by FX Trust Score.
