Brief by Shorts91 Newsdesk / 03:25pm on 07 Dec 2023,Thursday Business
Seattle-based Starbucks Corporation grapples with a staggering $11 billion loss, erasing 9.4% of its total value, as global boycotts intensify due to perceived boycott call over alleged Israel Association. The decline, spanning 19 days post-November 16 Red Cup Day, sees shares plummet by 8.96%, marking the longest 12-session stock downturn since 1992. Boycott roots run deep, ignited by a Starbucks Workers United tweet expressing solidarity with Palestinians. CEO Laxman Narasimhan remains optimistic in the face of challenges, denying wrongdoing amidst a company-wide commitment to brand integrity. The global boycott trend extends to Egypt, where Starbucks reportedly laid off workers due to financial strain, navigating a complex landscape of geopolitical tensions and economic repercussions.
