Netflix stock plunged 35 percent on Wednesday after the company admitted to a net loss of 200,000 subscribers in the first quarter, stunning investors.

Shares closed at $122.42, after shedding more than a third of their value in the company's biggest one-day drop on a percentage basis since 2004.

Netflix stock was the worst performing on the S&P 500 for the day, and the wipeout erased about $54 billion from the company's market capitalization, the largest one-day drop in company history. 

The shares have now lost 62 percent of their value since the beginning of the year, amid fears that the streaming wars will prove to be an unwinnable money pit. 

At least a dozen analysts rushed to temper their views on the crisis - noting that Netflix had been a red-hot market performer over the past few years.

But Elon Musk was among those to slam Netflix yesterday, saying it had become 'unwatchable' after being infected by the 'woke mind virus'.

Meanwhile furious viewers also blasted the company for being 'too expensive', having 'nothing to watch' and not wanting to hear Prince Harry and Meghan's Markle's  'lectures'.