Starbucks Corporation Faces Major Market Loss After Supporting Israeli Attack on Gaza
New York: The US multinational monopoly Starbucks Corporation has suffered a significant blow in the market after publicly supporting the Israeli attack on Gaza. The coffee giant experienced a loss of US$12 billion in market value over the span of two weeks, equating to 9.4 percent of the company’s total value. This marks the biggest financial setback for Starbucks since 1992, with shares falling for 12 consecutive market days. The company’s shares are now worth $95, down from $114 just two weeks ago.
Worldwide Boycott and Financial Setback
The controversy surrounding Starbucks’ support of Israel has prompted a worldwide boycott and a steep decline in sales. The global protest has led to a significant financial setback for the company, with investors retreating in key markets such as West Asia and Malaysia. Starbucks also faced backlash in West Asia, resulting in layoffs in Egypt due to a lack of customers.
Workers’ Opposition and Solidarity
Despite the company’s stance on Israel, workers have taken an opposing position. Starbucks Workers United, a trade union, has openly expressed solidarity with Palestine. More than 200 stores in the United States have gone on strike, citing not only the company’s support for Israel but also low pay and benefits.
Starbucks Corporation, headquartered in Seattle, Washington, is the largest coffee house chain in the world, with over 35,000 stores in 84 countries and more than four lakh workers. The current CEO of the company is Indian American businessman Laxman Narasimhan.
Build your companies with ethics, not political power. – priy/acc (@prtwoa)
New York: The US multinational monopoly Starbucks Corporation, which supported the Israeli attack on Gaza, suffered a heavy blow in the market. The coffee giant lost US$12 billion of its market value in two weeks. This equates to 9.4 percent of the company’s total value. Starbucks was hit by the boycott and a fall in sales.
Starbucks has faced a worldwide boycott in protest of its support for Israel. Starbucks shares fell for 12 straight market days. It is the biggest financial setback for the company since 1992. Starbucks shares are now worth $95, up from $114 two weeks ago.
Starbucks Corporation is a coffee house and backup roaster chain headquartered in Seattle, Washington. It is the largest coffee house chain in the world. Founded in 1971, the company has more than 35,000 stores in 84 countries. More than four lakh workers. Indian American businessman Laxman Narasimhan is the current CEO.
Starbucks has lost 9.4% of its market value (about $12 billion) due to the strike
source: https://t.co/CCmzLbAO0A
i grossly underestimated this strike omg, 11 consecutive (continuous) days of market value loss.
build your companies with ethics not political power
— priy/acc (@prtwoa) December 7, 2023
The coffee giant, which publicly supported Israel, faced a backlash in West Asia. The company had laid off workers in Egypt due to a lack of customers. Investors also retreated in Malaysia.
Although the company supports Israel, the workers take an opposing position. A trade union called Starbucks Workers United expressed open solidarity with Palestine. More than 200 stores in the United States were also on strike. Workers also claim low pay and benefits.
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