Musk's 'cancel Netflix' tweet wipes $25B off platform

Business Oct 05, 2025

Netflix just lost almost $25 billion in value this past week, dropping from $514 billion to $489 billion.
The big dip happened right after Elon Musk told his followers on October 1 to cancel their Netflix subscriptions, upset about alleged transgender content in kids' shows.
His comments alone wiped out nearly $7 billion right after his post.

All eyes on upcoming 3rd-quarter earnings

Netflix shares slid 4.4%—their sharpest fall since April—even as the rest of the Nasdaq went up 2%.
Since Musk announced he was quitting Netflix, the stock is down 2.4%.
With third-quarter earnings coming up on October 21, all eyes are on how Netflix navigates this backlash and market turbulence.