• Sunday, 25 February 2024

Starbucks Loses USD11 Billion in Market value Amid Boycott

Author: Andree Nizar
December 27, 2023
Starbucks Loses USD11 Billion in Market value Amid Boycott
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.

Share
Business Update
Shopee Launches High-End Brands, Showcasing Indonesian Top Designers

Shopee Launches High-End Brands, Showcasing Indonesian Top Designers

Shopee Launches High-End Brands, Showcasing Indonesian Top Design...

SEAToday.com, Jakarta-E-commerce platform, Shopee, introduced a new High-End Brands (HEB) category on Saturday (1/20), which exclusively showcases renowned Indonesian f...

Shipment Delays May Increase Freight Costs in 2024

SEAToday.com, Suez-Over 150 ships carrying more than 105 billion US dollars in cargo have been forced to divert their routes from the Red Sea and Suez Canal. As a result of rerouting, many other trade...

Pertamina CEO Nicke Widyawati Selected Again in Fortune 100 Most...

SEAToday.com, Jakarta - Nicke Widyawati, President Director and CEO of PT Pertamina (Persero), is selected again on Fortune Magazine's list of the 100 most powerful women in the world in 2023.

2 Indonesian Women Enter Forbes' List of Asia's Power Businesswom...

SEAToday.com, Jakarta - Two Indonesian businesswomen, Junita Ciputra and Meliza Musa Rusli, were named in the Forbes Asia 2023 list of 20 powerful businesswomen on...

Jakarta-Surabaya High Speed Railway Development to Collaborate wi...

SEAToday.com, Jakarta. - The Jakarta-Surabaya High Speed Railway will be worked on together with China. According to Deputy Minister of SOEs Kartika Wirjoatmodjo on Tuesday (10/31), the...

Popular Post

McDonald's Global Sales Miss Target, Shares Plummet Amid Boycotts

SEAToday.com, Jakarta - Fast-food chain McDonald's on Monday (2/6) reported a decline in sales in the Q4 of 2023, the first time in nearly four years.According to the company's f...

Indonesia's Economy Grows 5.05 Pct. Throughout 2023

SEAToday.com, Jakarta - The Central Statistics Agency (BPS) announced that Indonesia’s economic growth has grown by 5.05 percent cumulatively throughout 2023. This was announced by Act...

Trade Ministry Ready to Support Freeport’s Second Smelter in Gres...

SEAToday.com, Gresik - The Trade Ministry is ready to support PT Freeport Indonesia (PTFI) ahead of the operation of its second smelter in Gresik, East Java, said...

Govt. Raises Electric Motorcycle Conversion Subsidy to IDR10 Mill...

SEAToday.com, Jakarta - The government, through the Ministry of Energy and Mineral Resources (ESDM), has increased the subsi...

Thailand Plans to Ban Recreational Use of Cannabis

SEAToday.com, Bangkok-The Thai government will urgently move a Bill to ban the recreational use of cannabis, the health minister said on Tuesday (2/6), after the kingdom decriminalized the drug i...