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Starbucks loses $11 billion in value due to boycotts
Analysts say that the loss incurred is likely due to slow sales, a subdued response to Starbucks’ festive offerings and global political tensions.
Recently, the corporation found itself in a tough spot because of a tweet from Starbucks Workers United that expressed solidarity with Palestinians. (Representative image by Kal Visuals via Unsplash)
Starbucks Corporation has reportedly lost $11 billion in value, resulting in a reduction of 9.4 percent in the company’s total value. Shares of the Seattle-based company plummeted 8.96 percent in a span of 19 calendar days since November 16. Analysts say that the loss incurred is likely due to slow sales, a subdued response to Starbucks’ festive offerings and global political tensions.
Boycotts at the company’s Seattle and Washington chains related to geopolitical issues have been a large reason for the slowdown. The boycotts are a part of large scale boycott of multiple global brands over support for Israel. Recently, the corporation found itself in a tough spot because of a tweet from Starbucks Workers United that expressed solidarity with Palestinians.
Starbucks stock is currently around $95.80 per share, much lower than its yearly high of $115. The value of the stocked decline for 12 consecutive market sessions. This has been the company’s longest-ever streak since it went public in 1992.
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