Netflix’s stock plunge set wipe out more than $40 billion in market cap

Shares of Netflix Inc. plunged 26.7% in premarket trading Wednesday, just three months after another 20+% selloff, in the wake of a shocking drop in first-quarter subscribers and a threat to crack down on password sharing. That would be the biggest one-day decline since it tumbled 34.9% on Oct. 25, 2011. The stock is on track to open at the lowest price seen during regular-session hours since September 2019, and about 63% below the Nov. 17, 2021 record close of $691.69. Wednesday’s implied price decline in the premarket would shave about $41.6 billion off Netflix’s market capitalization. The stock has tumbled 36.6% over the past 12 months through Tuesday, while the S&P 500 has gained 7.9%.

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