Starbucks loses USD 11 billion in market cap amidst boycott, 9.4% of total value

World

Published: 2023-12-06 18:14

Last Updated: 2024-04-16 14:24


Starbucks loses USD 11 billion in market cap amidst boycott, 9.4% of total value
Starbucks loses USD 11 billion in market cap amidst boycott, 9.4% of total value

Starbucks Corporation has lost $10.98 billion dollars in value, with these losses erasing 9.4% of the company’s total value (market cap), amidst an ongoing boycott due to the Israeli Occupation’s aggression against the Gaza Strip.

Starbucks stock declined for 12 consecutive stock market sessions, the longest ever recorded streak since the company went public in 1992, and the stock currently hovers at around $95.80 per share, down from its yearly high of $115.

The recent boycott of Starbucks comes in part of a large boycott of several global brands over their support of the Israeli Occupation aggression against the Gaza Strip.

Starbucks in Egypt has reportedly laid off workers late November after being financially affected by the Boycott - forcing it to cut expenses.

Calls to boycott Starbucks had been long called for before the boycott, as former CEO, Howard Schultz, is an outspoken supporter of the Israeli Occupation.