Streaming giant Netflix has reportedly lost nearly $25 billion in market value after Elon Musk urged users to cancel their subscriptions, accusing the platform of promoting transgender content in its programming.

According to Yahoo Finance, Netflix’s market value dropped from around $514 billion on September 27 to approximately $489 billion by October 3, marking one of its sharpest declines in recent months.

The downturn began shortly after Musk’s October 1 post on X (formerly Twitter), where he called on his 227 million followers to “cancel Netflix for the health of your kids,” labelling the platform’s content as “LGBT propaganda.”

Reports indicate that nearly $7 billion in Netflix’s value disappeared within 24 hours of the billionaire’s post. By the end of the week, shares had fallen about 5%, marking their biggest weekly decline since April.

Despite the Nasdaq and other Big Tech stocks like Amazon and Meta rising during the same period, Netflix’s performance lagged behind — a rare occurrence for the streaming powerhouse.

Musk’s criticism follows the backlash surrounding Netflix’s cancelled animated series, Dead End: Paranormal Park, directed by Hamish Steele, which featured transgender and LGBTQ+ characters. Conservative commentators had accused the show of promoting “woke” ideology.

Analysts remain divided on the total financial impact — with estimates ranging between $15 billion and $25 billion — but most agree that the timing between Musk’s boycott call and the stock decline is striking.

“Cancel Netflix,” Musk wrote on X, reposting several messages claiming the streamer pushes a “transgender woke agenda.”

While Netflix has not issued an official statement in response to the boycott, industry experts say the controversy underscores the growing culture war tensions shaping the U.S. entertainment industry and its financial markets.