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‘Wolf of Wall Street’ J. Belfort ditches Disney+ as boycott spreads

'Wolf of Wall Street’ J. Belfort ditches Disney+ as boycott spreads

Amidst the ongoing advertising boycott on X (formerly Twitter), a growing cohort of influential figures is emerging to voice their support for the platform and its owner, Elon Musk.

Notably, the social media giant has experienced a substantial departure of prominent advertisers, with Disney (NYSE: DIS) at the forefront, as Musk faces accusations of endorsing antisemitism. In response to the support for X and Musk, interest in the phrase ‘Cancel Disney+’ has surged by 120%.

The latest notable figure to draw attention by canceling their Disney+ subscription is Jordan Belfort, the former stockbroker widely recognized as the “Wolf of Wall Street.”

On December 1, Belfort took to X to announce his decision, citing two primary reasons. He explained that the first was to express solidarity with Elon Musk and X. The second reason stemmed from his dissatisfaction with what he termed “woke programming.”

This recent development follows Disney’s decision to suspend its advertising on X earlier in the month, joining a growing list of companies, including Apple (NASDAQ: AAPL), IBM (NYSE: IBM), and Xfinity. 

The move came in the wake of a damning report revealing advertisements on X alongside pro-Nazi posts, coupled with Musk’s endorsement of a post widely condemned as antisemitic.

Musk hits back at advertising boycott

The controversy intensified as Musk addressed the issue at the New York Times DealBook Summit. The Tesla (NASDAQ: TSLA) CEO apologized for what he labeled the “dumbest” post, acknowledging the mistake but vehemently rejecting any notion of succumbing to blackmail from departing advertisers.

“I don’t want them to advertise. If someone is going to blackmail me with advertising or money go f**k yourself. Go. F**k. Yourself,” he said. 

Musk directly targeted Disney CEO Bob Iger, identifying him as a leader of the advertising boycott against X. This confrontation sparked a response from numerous users on the platform, initiating a campaign urging Disney+ subscribers to cancel their accounts in solidarity with Musk and X.

Overall, the push to cancel Disney has been gaining momentum, as highlighted by a Finbold report. As per the report, cancellation trends have surged globally, with #Cancel emerging as one of the top-trending searches on X.

Elsewhere, the Kobeissi Letter, a capital market commentary focusing on global capital markets, reported a staggering 120% spike in search interest for both “cancel Disney+” and “cancel Hulu” following Musk’s interview.

Amid the advertising controversies at X, Disney is also feeling the negative impact. At press time, Disney stock was valued at $92.32, experiencing a loss of about 0.40% in the past 24 hours. Over the last five days, DIS is down over 3%.

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