Netflix Stock Falls & Disney Loses Power (Ep. 390)

Shares of Netflix closed down more than 35% Wednesday after the streamer reported earnings Tuesday evening that showed it lost subscribers for the first time in more than 10 years. The drop caused Netflix to shave more than $50 billion off its market cap. It is now the worst-performing stock of 2022 in the S&P 500, down 62.5% year-to-date. The Florida state senate voted to repeal a law allowing Walt Disney World to operate a private government over its properties in the state. The Reedy Creek Improvement District is a private government controlled by Disney World and set up by the state Legislature in 1967. The Republican-controlled state senate voted 23-16 to eliminate the district on Wednesday afternoon.