(CTN News) – The decline in Starbucks Corporation’s market value can be attributed to the ongoing boycott sparked by the Israeli Occupation’s aggression towards the Gaza Strip.
This boycott has resulted in a significant loss of $10.98 billion, which accounts for 9.4% of the company’s total value. This decline has been particularly notable as Starbucks stock has experienced a continuous decline for 12 consecutive stock market sessions, marking the longest streak of its kind since the company’s initial public offering in 1992.
Currently, Starbucks stock is trading at approximately $95.80 per share, a considerable drop from its peak of $115 earlier this year.
This decline in value has been a direct result of the boycott, which is part of a broader movement targeting global brands that have shown support for the Israeli Occupation’s actions in Gaza.
The boycott has had tangible consequences for Starbucks, particularly in Egypt, where the company has been forced to lay off workers in late November due to the financial repercussions it has faced. This highlights the impact that the boycott has had on the company’s operations and workforce.
It is important to note that calls for a boycott of Starbucks had been circulating even before the recent wave of protests. This is primarily due to the outspoken support for the Israeli Occupation by the company’s former CEO, Howard Schultz.
This long-standing controversy has contributed to the current decline in market value and the ongoing boycott.
Overall, the significant blow to Starbucks Corporation’s market value, the continuous decline in stock prices, and the layoffs in Egypt all point to the substantial impact that the ongoing boycott has had on the company.
As the boycott continues, it remains to be seen how Starbucks will navigate this challenging situation and whether it will be able to regain the trust and support of its customers.