Starbucks Corporation has seen a significant drop in its market capitalization, losing a staggering $12 billion in value as concerns and boycotts related to its operations in Israel continue to grow.
The coffee giant, which operates globally, has faced backlash from various advocacy groups and customers who are critical of its presence in Israel and its alleged support of the Israeli government.
The controversy surrounding Starbucks began when reports surfaced of the company’s business operations in Israel, including the opening of stores in Israeli settlements in the West Bank. This sparked outrage and calls for a boycott from pro-Palestinian activists and organizations.
Social media campaigns and protests against Starbucks quickly gained momentum, putting pressure on the company to respond.
Starbucks has attempted to address the situation by issuing statements emphasizing its commitment to its core values, including diversity and inclusion.
However, these efforts have not quelled the controversy, and the negative sentiment continues to impact the company’s stock price. Investors are closely monitoring the situation as Starbucks grapples with both the financial and reputational consequences of the ongoing controversy.
