New York: The US multinational monopoly company Starbucks Corporation, which supported the Israeli attack on Gaza, suffered a heavy blow in the market. The coffee giant lost US$12 billion from its market value in two weeks. This amounts to 9.4 percent of the company’s total value. Starbucks was hit by the boycott and a slump in sales.
Starbucks has faced worldwide boycotts in protest of its support for Israel. Starbucks shares fell for 12 straight days in the market. This is the biggest financial setback for the company since 1992. Starbucks shares are now worth $95, up from $114 two weeks ago.
Starbucks Corporation is a coffee house and roastery reserve chain headquartered in Seattle, Washington. It is the largest coffeehouse chain in the world. Founded in 1971, the company has more than 35,000 shops in 84 countries. More than four lakh workers. Indian American businessman Laxman Narasimhan is the current CEO.
The coffee giant, which publicly supported Israel, faced a backlash in West Asia. The company had laid off employees in Egypt due to a lack of customers. Investors also retreated in Malaysia.
Although the company supports Israel, the employees take an opposing position. A trade union called Starbucks Workers United expressed open solidarity with Palestine. More than 200 stores in the US were also on strike. Employees also allege low pay and benefits.
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2023-12-10 07:37:13
