Evercore ISI head of internet research Mark Mahaney reveals his top Big Tech stocks during an appearance on ‘Varney & Co.’
Netflix saw a dramatic spike in cancelations after its co-founder Reed Hastings revealed he donated $7 million to Vice President Kamala Harris’ campaign, according to a report.
Cancelations on the streaming platform almost tripled in the United States after Hastings made the massive donation to a super PAC supporting Harris’ presidential bid, Bloomberg reported, citing the researcher Antenna.
Supporters of former President Trump called on conservatives to cancel their subscriptions after Hastings endorsed Harris on X and revealed the large sum of his donation in July.
NETFLIX CO-FOUNDER REED HASTINGS GIFTS $1.1B IN SHARES TO CHARITY
That same month, Netflix customers reportedly canceled their subscriptions at a higher rate than any month since February 2024, Bloomberg reported.
The outlet attributed the increase in cancelations to the company’s latest announcement that it would phase out its lowest cost option.
“But the five-day period after Hastings’ endorsement was unusual, even for July,” the Bloomberg article states, noting that July 26 marked the single worst day for Netflix cancelations this year. News of Hastings’ hefty donation for Harris was revealed three days prior.
NEW YORK, NEW YORK – NOVEMBER 30: Netflix founder and Co-CEO Reed Hastings speaks during the New York Times DealBook Summit in the Appel Room at the Jazz At Lincoln Center on November 30, 2022 in New York City. (Michael M. Santiago/Getty Images / Getty Images)
The longtime Democratic donor was among the notable figures to call on President Biden to step down this summer after his devastating debate performance.
NETFLIX WANTS YOU TO BINGE GAMES
“Biden needs to step aside to allow a vigorous Democratic leader to beat Trump and keep us safe and prosperous,” Hastings wrote in an email obtained by the New York Times.
Hastings, along with his wife Patty Quillin, have been prominent donors to the Democratic Party, particularly in California. In 2021, Hastings donated approximately $3 million to a committee created to stop a recall effort against Gov. Gavin Newsom, D-Calif.
In 2022, Quillin was one of many people who donated to a left-wing group hoping to stop liberal San Francisco District Attorney Chesa Boudin from being recalled himself.
In 2018, Hastings reportedly donated $7 million to a charter school-related political action committee that backed Antonio Villaraigosa, one of Newsom’s primary opponents, before Newsom advanced to the general election, Deadline reported.
Democratic presidential nominee, U.S. Vice President Kamala Harris, speaks during an event at the Cobb Energy Performing Arts Centre on September 20, 2024, in Atlanta, Georgia. (Joe Raedle/Getty Images / Getty Images)
It is unclear if the Harris endorsement affected Netflix beyond the five-day spike in cancelations. Their next financial report will be released in October, according to Bloomberg.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Neither Hastings nor Netflix responded to Fox News Digital’s request for comment.
Fox News’ Lindsay Kornick contributed to this report.
