Starbucks saw nearly $12 billion in market value was wiped out over the past month, as sales reportedly slowed and chain was hurt by boycotts over the Israeli war on Gaza.
On Monday, Starbucks stock fell 1.6%, falling for the 11th straight session, the highest since 1992. This loss wiped out 9.4% of Starbucks' market value, a decline of about $12 billion.
Today, the company's stock price was down nearly 6.5% to $96.90 on a monthly basis.
Last month, Workers United filed opposing lawsuits over the union’s social media post declaring “Solidarity with Palestine! Starbucks then moved quickly to distance itself from the organization.
“We unequivocally condemn acts of terrorism, hatred and violence, and disagree with the statements and opinions expressed by the UAW and its members. The words and actions of the UAW are theirs, and theirs alone,” Starbucks said. The response was interpreted as a show of support for Israel over Palestine, sparking calls for a boycott.
Despite Starbucks' efforts to suppress calls for a boycott, the hashtag #boycottstarbucks remains trending on social media.
Starbucks is an American multinational chain of coffeehouses headquartered in Seattle, Washington, with over 35,711 stores in 80 countries.
Zev Siegl, born to a Jewish family, along with Jerry Baldwin and Gordon Bowker established Starbucks In March 1971.
Starbucks Workers United have filed warring lawsuits after the union’s “Solidarity with Palestine!” tweet triggered calls for a boycott against the popular coffeehouse chain. AP
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