Netflix shares suffered massive losses on Wednesday, adding to the already significant drop of 27 percent the streaming service’s stock suffered on Tuesday night.
After the company’s stock plummeted Tuesday following its announcement of a loss of subscribers, self-made billionaire entrepreneur Elon Musk commented on the company’s failings, noting that “the woke mind virus is making Netflix unwatchable.”
Musk also answered affirmatively to someone who responded by saying “the woke mind virus is the biggest threat to the civilization.”
Less than 24 hours after his critique of the company, Netflix shares dropped another 35 percent.
This was “Netflix’s largest drop in nearly two decades and wiped about $50 billion off Netflix’s market value,” according to The New York Times.
The woke mind virus is making Netflix unwatchable
— Elon Musk (@elonmusk) April 20, 2022
On Tuesday, in a letter sent to its shareholders, Netflix announced it had lost 200,000 subscribers last quarter and expected to lose as many as 2 million more in the second quarter.
Netflix had to spend a full page of its investor letter explaining why it lost 200k subs last quarter and will lose 2 million more next q. Tldr: World needs more streamers; too many password-sharers; competition turns out to be a thing, after all; COVID,Russia, inflation, dunno. pic.twitter.com/o5F8AiYDE3
— Peter Kafka (@pkafka) April 19, 2022
“In addition to our 222 million paying households, we estimate that Netflix is being shared with over 100 million additional households, including over 30 million in the [United States/Canada] region,” the company said in its letter.
Netflix has blamed the drop on a number of factors, including password sharing among households, competition, suspension of the streamer’s service in Russia and even inflation.
Not listed among those factors, however, was the likelihood that many subscribers have been driven away by the company’s insistence on promoting “woke” (politically far-left progressive) programming, as Musk suggested.
Examples of such content include “Q-Force,” a cartoon about LGBT spies; “Dear White People,” a series accused of promoting anti-white racism; and the upcoming “He’s Expecting,” the synopsis of which reads, “When a successful ad executive who’s got it all figured out becomes pregnant, he’s forced to confront social inequities he’d never considered before.”
Netflix still wonders why they’re losing subscribers.. Go woke go Broke pic.twitter.com/bbYoYRYaWn
— Born Free Skye (@Skye_1008) April 19, 2022
— TRUMP 2020 (@IncPolitics) February 8, 2017
Perhaps the most controversial example of “woke” programming was “Cuties,” a 2020 film accused of sexualizing young preteen girls.
— vic (@victorialcarr) September 10, 2020
In its next report on subscriber losses, Netflix might want to list the programming issue, along with the fact that the world’s richest man — as he dominates headlines amid his bid to acquire Twitter — voiced that very criticism himself.