Netflix extended its losing streak in pre-market trading on Thursday, dropping 0.8% to a two-month low of $1,162 per share on Nasdaq, following a 2.3% decline in the previous session, a rare stumble on a day when the S&P 500 notched a record close above 6,700.
If the stock continues to slide today, it will mark a fourth consecutive day of losses. The stock came under pressure after billionaire Elon Musk used his social media platform X to call on followers to cancel their subscriptions.
Cancel Netflix for the health of your kids, Musk wrote in response to a post accusing the streaming company of promoting a transgender agenda. He specifically criticized the animated series Dead End: Paranormal Park, which is rated for viewers as young as seven, and reposted several claims of growing cancellations.
The comments added pressure to Netflix, which has faced criticism in recent years from conservative groups over content decisions. The company has maintained that its catalog is designed to serve diverse audiences across demographics.
Musk’s post comes as Netflix competes with rivals in a maturing streaming market, balancing content investment with profitability goals. While user boycotts have had limited long-term financial impact on the company in past controversies, investor attention to subscriber sentiment remains high.
