Netflix reels as Musk-led boycott wipes $15 billion off market value amid backlash over transgender-themed show

The controversy erupted over the animated series Dead End: Paranormal Park, which featured a teenage transgender character.

As outrage over the show intensified, the hashtag #CancelNetflix began trending, reviving debates about cultural sensitivities the streamer has encountered before.

According to WION, the fallout was swift—Netflix shares plunged 4.3 percent in less than two days, erasing nearly $15 billion from its market capitalisation.

Over the week, the stock fell about 5 percent, marking its steepest slide since April.

The uproar began when Musk announced on X that he had cancelled his Netflix subscription, urging others to follow suit “to protect children’s well-being.”

His call quickly gained momentum online, as users posted screenshots confirming their cancellations—sending Netflix shares down by another 2 per cent.

Although Dead End: Paranormal Park was cancelled in 2023 after two seasons, conservative accounts such as Libs of TikTok resurfaced clips last week, calling it part of a “transgender woke agenda.”

Musk amplified these posts, remarking that such content was “not ok.”

The focus soon shifted to the show’s creator, Hamish Steele, who is openly queer.

In September, Steele had commented on Bluesky about conservative activist Charlie Kirk, who was killed in a shooting, referring to him as a Nazi.

The remark sparked fury among right-wing circles, who accused Steele of mocking Kirk’s death.

Musk further fanned the controversy by sharing claims that Netflix employed someone who “celebrated” the killing.

Musk’s reaction fits his pattern of opposing what he calls the “woke mind virus”, especially regarding issues of gender identity.

He has previously linked his stance to his personal experience with his daughter’s gender transition, which he attributes to ideological indoctrination.

So far, Netflix has remained silent, offering no public response to Musk’s campaign or the backlash against Steele.

This isn’t the first time the platform has been under fire. In 2020, Netflix faced bipartisan criticism for the French coming-of-age film Cuties, which many accused of sexualising young girls.