During a recent appearance on ‘Varney & Co.’, Mark Mahaney, the head of internet research at Evercore ISI, shared his top Big Tech stock picks.
According to a report, Netflix experienced a significant increase in cancellations following the disclosure that its co-founder, Reed Hastings, contributed $7 million to Vice President Kamala Harris’ campaign.
According to a report by Bloomberg, cancelations on the streaming platform surged in the United States after Hastings made a substantial donation to a super PAC that supported Harris’ presidential campaign. The researcher Antenna found that the number of cancelations nearly tripled.
After endorsing Harris in July and disclosing the significant amount of his donation, Hastings faced backlash from former President Trump’s supporters. They urged conservatives to cancel their subscriptions as a form of protest.
According to a report by Bloomberg, Netflix customers canceled their subscriptions at an unprecedented rate in the same month, surpassing any cancellation rates since February 2024.
According to a Bloomberg article, the five-day period following Hastings’ endorsement was particularly noteworthy, even for the month of July.
On July 26, it was reported that this day had the highest number of Netflix cancellations for the entire year. Interestingly, news about Hastings’ substantial donation to Harris had been made public just three days earlier.
In the summer, following his disastrous debate performance, President Biden received calls from several prominent figures, including the long-time Democratic donor, urging him to step down.
Netflix is encouraging its users to engage in game bingeing.
In an email obtained by the New York Times, Hastings expressed his belief that Biden should step aside to make way for a dynamic Democratic leader who can effectively defeat Trump and ensure our safety and prosperity.
According to Deadline, in 2018, Hastings allegedly contributed a sum of $7 million to a political action committee focused on charter schools. This committee supported Antonio Villaraigosa, who was one of Newsom’s opponents in the primary election before Newsom proceeded to the general election.
Democratic presidential nominee, U.S. Vice President Kamala Harris, addressed the audience during an event held at the Cobb Energy Performing Arts Centre on September 20, 2024, in Atlanta, Georgia. (Joe Raedle/Getty Images)
Netflix’s response to the Harris endorsement remains uncertain, as it is unclear if there was any significant impact on the streaming platform beyond the temporary surge in cancellations observed over a five-day period. We will have to wait until October for the release of their next financial report, as reported by Bloomberg.
Source: FOX Business