On Tuesday, September 30, Elon Musk publicly cancelled his Netflix (NASDAQ: NFLX) subscription due to ideological reasons, causing the streaming platform’s stock to drop more than 2% the next day.
The move sparked a trend on social media, with many of Musk’s followers following suit and abandoning the platform, posting screenshots as proof on X.
Two days later, on October 2, the momentum is still in full swing, as the world’s richest man continues pushing for a general boycott of the entertainment giant.
Namely, in the early hours, the entrepreneur responded to and agreed with a post on X claiming that “this goes way beyond cancelling Netflix,” being instead about “fighting back and taking a stand.” At the same time, he reposted another tweet, stating “Netflix is coming for your children.”
Amid all the drama, NFLX shares have fallen further down, dropping another 2.34% yesterday (-$28.02) and seeing an additional 0.52% (-$6.10) dip in pre-market at the time of writing, when they were sitting at $1,164.80.
Netflix down, Tesla up
Adding salt to the wound, while Netflix shares were dipping, Tesla (NASDAQ: TSLA), Musk’s electric vehicle (EV) titan, kept on climbing.
The automaker is now up 3.31% on the day and another 1.59% in pre-market at press time, with a price of $466.76.
With Musk’s other ventures also delivering, and with a 12% stake in Tesla (valued at $191 billion), the surge allowed the magnate to briefly surpass $500 billion in net worth yesterday.
Tesla itself is now nearing some 10% away from its all-time high, with some promising new developments on the way, such as the unsupervised full self-driving (FSD) technology, which could boost the stock dramatically in the future.
Featured image via Shutterstock
