Netflix Inc. shares fell over two per cent on Wednesday after Elon Musk urged subscribers to cancel their accounts, igniting debate over the company’s content policies and diversity strategy.

Musk, the SpaceX, and social platform X owner, posted several messages calling for users to “Cancel Netflix,” adding in another post: “Cancel Netflix for the health of your kids.”

He also revealed he had recently canceled his own subscription.

The controversy centers on Dead End: Paranormal Park, a Netflix animated series featuring LGBTQ characters. The show’s creator, Hamish Steele, came under fire after a post on Bluesky last month in which he referred to conservative activist Charlie Kirk—who was shot dead in September—as a “nazi.” The remark drew condemnation from some users online, who accused Steele of mocking Kirk’s death.

Following the backlash, some social media users announced they were canceling their Netflix subscriptions. Musk amplified one such post, replying “Same” in apparent agreement.

In another exchange, he weighed in on criticism of Netflix’s inclusion and diversity report, which highlighted gains in representation among directors and lead characters from underrepresented racial groups. When a user claimed the company was “discriminating against White people,” Musk responded: “Cancel Netflix.”

Investor sentiment shifted quickly, with Netflix shares closing down 2.34% on the day of his comments. The episode underscores how cultural disputes can spill into financial markets—especially when amplified by high-profile figures with massive online reach.

For Netflix, the episode comes at a delicate moment as the company works to sustain growth in an increasingly crowded streaming market. Subscription gains have slowed worldwide, while rivals like Disney+, Amazon Prime Video, and Apple TV+ continue to intensify competition for viewers.

The company has weathered boycotts before over programming decisions, with little long-term impact on retention. Still, sharp swings in investor sentiment remain a risk—particularly when controversies trend widely online.

Netflix has not issued a formal response to Musk’s remarks. Steele has also avoided direct engagement with the billionaire’s criticism, though he previously rejected claims that he celebrated Kirk’s death and dismissed allegations of active promotion of his series as inaccurate.