Elon Musk Eviscerates Netflix After They Lose 200,000 Subscribers, Predict Even Greater Losses, And See Their Stock Price Tank
Elon Musk, who is currently attempting to purchase Twitter, recently eviscerated Netflix after the company revealed in their first quarter financial report for 2022 that they shed over 200,000 subscribers, which in turn led to the company’s stock plummet.
On April 19th, Netflix revealed that in the first quarter the company’s global streaming paid members clocked in at 221.64 million. That was 200,000 less than in the fourth quarter of 2021 where they posted 221.84 million.
Despite the loss in paid memberships the company did increase their revenues to $7.868 billion from $7.709 billion. However, they also noted they expect to lose 2 million paid subscribers in the second quarter.
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Investors were not happy about the decline in paid memberships and the expectation of even greater losses. The Wall Street Journal noted Netflix’s stock price dropped $122.42 to $226.19 on Wednesday, a 35.1% decline, its largest since 2004.
In fact one fund, Pershing Square, managed by billionaire investor William Ackman announced they sold their stake in Netflix at a loss. A letter to shareholders began, “Today, we sold our investment in Netflix, which we purchased earlier this year. The loss of our investment reduced the Pershing Square Funds’ year-to-date returns by four percentage points. The WSJ believes this means they lost $400 million.
As for why they sold, the letter explains, “We have lost confidence in our ability to predict the company’s future prospects with a sufficient degree of certainty.” It further added, “We believe the dispersion of outcomes has widened to a sufficiently large extent that it is challenging for the company to meet our requirements for a core holding.”
In reaction to news coverage of Netflix’s stock prices cratering due to its decrease in subscribers and its prediction for even more losses by Slashdot, Musk wrote, “The woke mind virus is making Netflix unwatchable.”
Musk wouldn’t stop there, he would also respond to a tweet from Niche Gamer that read, “Not just Netflix. Movies in general, videogames, tv, it’s all infested with current year trend woke garbage for fear offending a green haired freak next to the ban button.”
“Nothing original anymore at all, except for media coming out of places like Japan or Korea,ironically,” they added.
Musk simply replied, “True.”
In a follow-up tweet he asserted, “Can they please just make sci-fi/fantasy at least *mostly* about sci-fi/fantasy?”
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The woke mind virus has indeed made much of the shows and movies that Netflix produces unwatchable. One of the most recent examples is Vikings: Valhalla. The show features a race and gender swapped historical ruler Jarl Haakon played by Caroline Henderson.
Not only does the show race and gender swap Haakon, but Henderson’s character rules over Kattegat, which is shown as a welcoming place for various peoples of all kids of different backgrounds despite the actual history of the region.
The show premiered on Netflix on February 25th and the company self-reported the first season was the second most watched English-language show on the platform with 80.5 million hours viewed.
In its second week it would become the most watched show with 113.3 million hours viewed. By week three the show fell to the fourth most viewed show with only 41.7 million hours watched and in its fifth week it was in 8th with 19.8 million hours viewed. In week six, it was no longer in Netflix’s top 10 shows.
On Nielsen’s Top 20 Weekly Streaming Chart for the week ending February 27th, the show clocked in at 9th with 796 million minutes watched. That’s only 13.2 million hours.
For the week ending March 6th, the show did jump into second place with 1.079 billion minutes watched or 17.9 million hours watched. In its third week on Nielsen’s chart the show fell to 412 million minutes or 6.8 million hours watched. It was good for 17th on the chart. It fell off the chart in week four.
Maybe an even better example and also gets to Musk’s comments about sci-fi and fantasy is Netflix’s adaptation of the popular anime Cowboy Bebop.
Not only did the show’s script coordinator reveal part of the show was inspired by a radical left-wing YouTuber, but the series lead actress attacked and derided fans for wanting a faithful live-action adaptation, the show inserted sexual identity into the series by making Faye Valentine bisexual, costumes were specifically designed to cater to current woke talking points, and the dialogue was riddled with cringe-inducing wokeness.
The show was so bad and poorly viewed that Netflix announced it would not get a second within a week of it premiering on the streaming platform.
While it’s unclear how many people are unsubscribing from Netflix due to the streamers clear mandates to include wokeness into their shows, it’s clear people are unsubscribing and Netflix is expecting a whole lot more.
What do you make of Musk’s take on Netflix being unwatchable due to the woke mind virus?
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