US-based streaming service Netflix has lost around $15 billion in market capitalisation in just more than a day after billionaire Elon Musk called for a subscription cancellation due to what he called the "woke" content promoting transgender ideology to children.
Netflix shares were down by 4.3 percent in one-and-a-half days to $1,140.50 as of 1435 GMT on Thursday.
The market cap of the firm fell to $482.9 billion on Thursday, compared to around $498 billion on Wednesday, according to data from stockanalysis.com.
The controversy on Netflix started with allegations that some of its shows push "woke" content, especially on children. After that #CancelNetflix hashtag went viral.
Musk joined the controversy by asking consumers to cancel their subscriptions, arguing the corporation was sending negative signals to children and promoting what he described as transgender propaganda.
"Cancel Netflix for the health of your kids," Musk wrote on X, which he owns.
Netflix has also consistently ranked among the first in promoting highly controversial LGBTQ+ related storylines and characters, with those representations said to be constantly increasing, a 2022 study by advocacy group GLAAD found.
Since he began his cancellation campaign, many users have posted photos on social media showing that they cancelled their memberships.
Musk's comments added to financial pressure as Netflix shares fell for the third day in a row, taking billions off the company's market value.
