Netflix’s Squid Game Season 2 Just Tanked These Stocks… Here’s Who Got Eliminated

If you woke up this morning expecting to hear about how the Santa Claus rally is doing or Trump’s impending tariffs rattling markets, think again. Instead, a few stocks are playing their own version of Squid Game, and some South Korean companies just got eliminated. It turns out the highly anticipated second season of Netflix’s global smash hit is not the surefire moneymaker investors were banking on. (Is anyone actually surprised with them releasing 2 years late?)

Anyways, let’s get to the bloodbath. Shares of Artist United, a company tied to Squid Game lead actor Lee Jung-jae, were the hardest hit, plummeting by the daily limit of 30% on Friday. Fellow stockholders at Wysiwyg Studios, which handled the series' visual effects, and Dexter Studios, another Netflix partner, weren’t spared either… down 25% and 24%, respectively. If this were the red-light-green-light game, all three would be frozen in their tracks, seconds from disaster.

And let’s not forget Showbox, an investor in the series’ production company Siren Pictures. Its shares took a 17% cliff jump, likely making even their most optimistic investors question the wisdom of betting on Netflix’s one-hit-wonder. When Squid Game premiered in 2021, it was a cultural phenomenon. People binged it, memed it, and even bought the merch (if you say you didn’t watch it, you’re lying). Investors, seeing dollar signs, sent related entertainment stocks soaring. But with season two’s release on December 26, the mood has shifted. Rotten Tomatoes has it sitting at 85% from critics and a lukewarm 65% from viewers… solid, but hardly the breakout success its predecessor was.

Major outlets aren’t exactly helping pump the show's ratings either. The New York Times called the new season’s narrative “stalled” and accused it of failing to deliver on its larger ambitions. Korean viewers echoed the sentiment, roasting some performances and lamenting the loss of the sharpness that made the first season so captivating. Turns out, lightning doesn’t strike twice… especially when it’s carrying Netflix’s massive expectations.

Let’s not get carried away… although the stock is down a smidge from the news (-2%), Netflix will be just fine. And as far as Squid Games, there’s a third and final season slated for 2025, leaving room for redemption.

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Stock.News has positions in Netflix.