Fact Check: Netflix Stock Plunged After $7M Donation to Harris Campaign?

Claim:

Netflix's stock fell 40%, losing $2 billion in four hours, after donating $7 million to Kamala Harris' presidential campaign in July 2024.

Rating:

Labeled Satire ( About this rating? )

Context:

This satirical claim was made with allusions to a real donation by Reed Hastings — the chairman and former CEO of Netflix — to a super PAC that supports U.S. Vice President Kamala Harris. Although it has some basis in factual events, the bulk of the details were invented.

In July 2024, reports alleging that Netflix 's stock plunged after the company or its CEO donated millions to U.S. Vice President Kamala Harris' presidential campaign went viral. One outlet, The Dunning-Kruger Times , published an article specifically claiming the company's stock fell almost 40%, losing $2 billion in four hours, as as result. The article began:

Netflix Loses Big after Big Donation Announcement: "It was a Huge Mistake"

You've probably already heard the news, patriots. Netflix, the company long associated with the Obamas, has gone fully woke and donated $7 million to the Kamala Harris campaign. In return, the American people canceled subscriptions at an alarming rate and the company lost billions in market cap overnight.

Unfortunately, there's no credible source to back any of the stories up. We asked Netflix Director of Democrat Propaganda, Joe Barron, and he told us he's questioning the whole thing.

"I'm not so much questioning it as calling it complete and utter bullhonkey," said Barron, "Netflix couldn't care less if the MAGA cult that swore they canceled their subscriptions because Obama swear they're canceling them again. These aren't serious people. They're morons."

The claim also made its way to The Dunning-Kruger Times X page:

The posts alluded to a real donation: As Snopes reported , Netflix co-founder Reed Hastings told journalists he had donated $7 million of his money to a super PAC that supports Harris. (The streaming service itself did not make such a donation, and Hastings' contribution was not made directly to Harris' campaign. Hastings stepped down as Netflix's CEO in 2023 but remained its chairman.)

However, the details of the Dunning-Kruger Times item were not accurate. The article originated with a website that describes its output as being humorous or satirical in nature, as follows:

Everything on this website is fiction. It is not a lie and it is not fake news because it is not real. If you believe that it is real, you should have your head examined. Any similarities between this site's pure fantasy and actual people, places, and events are purely coincidental and all images should be considered altered and satirical.

For background, here is why we sometimes write about satire/humor.

Sources:

Patriot, Flagg Eagleton-. 'Netflix Loses Big after Big Donation Announcement: "It Was a Huge Mistake"'. Dunning-Kruger-Times.Com, 26 July 2024, https://dunning-kruger-times.com/netflix-loses-big-after-big-donation-announcement-it-was-a-huge-mistake/ .