Starbucks Loses USD11 Billion in Market value Amid Boycott

Sunday, 24 November 2024

Starbucks Loses USD11 Billion in Market value Amid Boycott

Author: Andree Nizar
December 27, 2023

Starbucks is boycott by pro-Palestinian supporters due to the conflict in Gaza. Photo : reddit

SEAToday.com, Jakarta - The mega coffee chain company Starbucks has lost approximately USD 11 billion in market value over the last month, erasing 9.4 percent of the company’s total value.

In a span of 19 days since November 16, coinciding with the company’s Red Cup Day promotion, Starbucks’ shares plummeted 8.96 percent amid analysts' reports of slowing sales and a subdued response to holiday season offerings. This market downfall sets a new record, with Starbucks facing a decline in stocks for 12 consecutive sessions.

Starbucks is also facing a boycott by the pro-Palestine supporters over the conflict in Gaza, following a social media post from the Starbucks Workers United. The company sued the union, representing a faction of its baristas, over the union’s post expressing solidarity with Palestinians.