The world’s largest streaming platform, Netflix, is facing renewed public scrutiny and financial backlash following a social media campaign spearheaded by billionaire entrepreneur Elon Musk.

The Tesla and SpaceX CEO’s call to boycott Netflix under the hashtag #CancelNetflix has led to a noticeable decline in the company’s stock value, triggering debates over artistic freedom, gender representation, and the influence of powerful public figures on corporate fortunes.

The controversy erupted after clips from the animated series Dead End: Paranormal Park resurfaced online.

The show, which originally aired on Netflix and was cancelled in 2023 after two seasons, featured a teenage transgender character. Conservative social media accounts — notably Libs of TikTok — shared these clips last week, framing the series as an example of what they termed a “transgender woke agenda.”

Elon Musk, known for his outspoken criticism of progressive movements, amplified these posts on his platform X (formerly Twitter).

In a follow-up post, he announced that he had cancelled his Netflix subscription, urging others to do the same to “protect children’s well-being.” The campaign quickly caught fire online, with thousands of users sharing screenshots of their own cancellations.

Within 36 hours, Netflix shares dropped by 4.3 percent, wiping nearly $15 billion off its market capitalization. By the end of the week, the stock had fallen close to 5 percent — its steepest decline since April.

Analysts have attributed part of this slump to the social media uproar and Musk’s influence on public sentiment.

The controversy deepened when attention shifted to the show’s creator, Hamish Steele, who is openly queer.

In September, Steele posted on the social media platform Bluesky about the death of conservative activist Charlie Kirk, referring to him as a Nazi.

Right-wing commentators accused Steele of celebrating Kirk’s murder, and Musk amplified these claims, suggesting Netflix was employing someone who “mocked” the death of a political figure.

While Netflix has not issued any official response to Musk’s criticism or the backlash surrounding Steele, industry observers say the silence may be strategic, aimed at allowing the outrage to subside naturally.

Insiders, however, note that the streaming company has long been navigating cultural fault lines in its content choices.

This is not the first time Netflix has been entangled in social and political controversy.

In 2020, the platform faced bipartisan condemnation over the French film Cuties, accused of sexualizing minors. Despite the backlash, Netflix defended the film as social commentary on the pressures young girls face in modern society.

For Musk, the latest campaign fits into a pattern of resistance against what he calls the “woke mind virus” — a term he uses to criticize progressive ideologies on gender, diversity, and identity politics.

He has often referenced his personal experience with his daughter’s transition, claiming she was influenced by ideological indoctrination.