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Not long ago, the world’s richest man, Elon Musk, criticized Netflix for going “woke.” For the first time in more than a decade, the company reported it lost 200,000 subscribers during the first quarter of the year in 2022.
Shares of Netflix dropped by 20%. Making matters worse, the company expects to lose 2 million subscribers in the second quarter, according to StreetAccount estimates. Between October 19, 2021 and April 19, 2022, the stock value dropped 67 percent. The suspension of its service in Russia also resulted in a loss of 700,000 subscribers.
Adding to its troubles, Netflix is now facing a shareholder lawsuit. The company is accused of misleading investors about the problems.
Netflix has backed a number of far-left films, such as a show about the life of Colin Kaepernick. The failed NFL quarterback, who was cut and shamefully sued the league, became notorious for claiming the NFL bears a resemblance to slavery and proceeded to kneel during the National Anthem.
Variety reports that Netflix has canceled a number of programs, including a cartoon called “Antiracist Baby” aimed at preschoolers. The company has also canceled “Wings of Fire” and “With Kind Regards From Kindergarten.”
Netflix has reportedly canceled “Stamped: Racism, Antiracism and You,” a documentary about race in the United States.
The streaming service has canceled a series created by British duchess Meghan Markle. The series called “Pearl” is based on Markle’s own life and starts with a 12-year-old girl who inspired by various historical women.
Piers Morgan says the “world is fast waking up to the cold, hard reality that they [Prince Harry and Meghan Markle] have nothing to say.” British royal family members Prince Harry and Meghan Markle are facing major backlash for lecturing the American public on the “woke” issues of disinformation and sustainable energy while they use private jets and live in a lavish $11 million mansion in California.
Harry and Meghan have attempted to partner on projects with both Netflix and Spotify, but they are “so simperingly bad” and “vomit-inducing” that these business efforts have been a complete failure.
Elon Musk responded with 8 simple words: “The woke mind virus is making Netflix unwatchable.”
Just weeks later, Netflix released a statement to its employees: “Be prepared to work on content you may not agree with. And if you don’t like that, you can quit.”
Tom Fitton of Judicial Watch notes that “Elon Musk seems to be having an impact beyond Twitter.”
“Good move by Netflix,” Musk said. Take a look:
Good move by @netflix
— Elon Musk (@elonmusk) May 15, 2022
The lawsuit against Netflix was filed in a northern California federal court.
The lawsuit states, “As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages
“As a result of these materially false and/or misleading statements, and/or failures to disclose, Netflix’s securities traded at artificially inflated prices during the Class Period,” the complaint reads.
“Plaintiff and other members of the Class purchased or otherwise acquired Netflix’s securities relying upon the integrity of the market price of the Company’s securities and market information relating to Netflix, and have been damaged thereby.”
This came in response to news that Netflix shares dropped 20% after reporting it lost subscribers for the first time in more than 10 years. Take a look:
The woke mind virus is making Netflix unwatchable
— Elon Musk (@elonmusk) April 20, 2022
The company has supported Critical Race Theory advocate Ibram X. Kendi to adapt his book “Antiracist Baby” into an animated kids’ show. Netflix also came under fire for producing “Cuties,” a French film that depicts pre-pubescent girls in sexually provocative situations.
Netflix is also producing a series called “He’s Expecting”:
Title in English: “He’s expecting” pic.twitter.com/Bh1G3bH2gn
— Turbopints (@turbopints) April 20, 2022
Netflix lost 200K subscribers in Q1 and expect to lose another 2M in Q2
It's the first time they lost subscribers in over a decade pic.twitter.com/R6Km2JKxJU
— Culture Crave 🍿 (@CultureCrave) April 19, 2022
Musk tweeted a few more times. He even agreed it was the “greatest threat to civilization”:
— Elon Musk (@elonmusk) April 20, 2022
Extremely concerning. Who is pushing this censorship/deplatforming? Very shadowy.
— Elon Musk (@elonmusk) April 19, 2022