Netflix Share Price Falls More Than 30%

Netflix's share price plummeted by more than 30% after the popular streaming platform reported the loss of subscribers for the first time in 10 years.

Netflix said it lost 200,000 subscribers in the first quarter, well below its conservative expectations of adding 2.5 million subscribers. Its decision in early March to end service in Russia after the invasion of Ukraine resulted in the loss of 700,000 members.

Elon Musk, who made a bid to buy Twitter for $43 billion said, "In the woke of the virus, Netflix is becoming unwatchable." Tesla CEO posted this as a reply to a post that stated, "Netflix shares create 20% after company reports it lost subscribers for the first time in more than 10 years."

In another setback for Netflix, billionaire investor William Ackman ended a $1.1 billion bet on Netflix on Wednesday, losing more than $400 million, as the streaming service's stock plunged following news that it lost customers for the first time in a decade.