'%20x='0'%20y='0'%20height='100%25'%20width='100%25'%20%0A%20%20%20%20%20%20%20%20%20%20xlink%3Ahref='data:image/jpg;base64,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'%3E%3C/image%3E%3C/svg%3E)
Rumors of Netflix's stock dropping by $2 billion started circulating recently following Netflix co-founder Reed Hastings' donation of $7 million to a super PAC supporting Kamala Harris. Since then, Hastings along with the OTT platform has been receiving backlash on the internet.
A post went up on X and Facebook, formerly known as Twitter, from a page named America’s Last Line of Defense (aka The Dunning Kruger Times), which stated:
"Netflix stock took a tumble. They effed around and now they'll find out."
The post soon became viral with people resharing it and claiming that the stock has dropped. However, no such information has been confirmed officially. Thus, it's worth noting that the claims of Netflix being in a crisis, are untrue, and should be debunked.
Netflix stock did not drop by $2 billion post the donation made to Kamala Harris
Despite several tweets and posts on social media about the popular OTT platform being in trouble, it is reportedly not true. The Dunning Kruger Times page further confirmed on their official website that they upload satirical posts. The website has also invested a particular portion to describe "satire." The About section of the website read:
"Everything on this website is fiction. It is not a lie and it is not fake news because it is not real."
Additionally, some other users had made false claims on social media platforms as well. X user @toughtalkty claimed that if the company has so much money to donate to Kamala Harris, then the subscription rates shouldn't have increased. However, community notes under the post later clarified that the money was donated on a personal note, and not from the company's end.
Several other users on X also added to these rumors and claimed that it was the company that donated the money, which is false as well.
Reed Hastings was one of the many high-profile figures who urged for Joe Biden to step down after the debate with former President Donald Trump. Following the Debate Night, Hastings shared his thoughts on President Biden in an interview with The New York Times. He shared:
"Biden needs to step aside to allow a vigorous Democratic leader to beat Trump and keep us safe and prosperous."
After Biden stepped down and endorsed Harris to be a nominee for the Democratic Party, Hastings posted a tweet on July 23, to extend support to her. In the tweet, he wrote,
"Congrats to Kamala Harris -- now it is time to win."
Shortly after Hastings began openly supporting Harris and then donating millions to the super PAC, as confirmed by Variety on July 25, the OTT platform began facing "cancel calls."
Outlets have tried reaching out to the representatives of Netflix. However, no response has been received as of now. Hastings too had not reacted to the claims as of now.
It could be concluded that this donation from Hastings Hastings divided the internet when some claimed that the OTT platform should be boycotted, whereas others claimed that it was the co-founder who donated money.
Reed Hastings is one of the two co-founders of the company, which was established in 1997 in California's Scott Valley.
