Starbucks loses billions of dollars over its support for Israel.
The world’s largest coffee chain has faced a huge decline in its stock price in the last few months due to the recent boycott campaign over its support of Israel
According to the reports Starbucks has faced the largest decline since its opening in 1992 and stock has currently reduced resulting in a loss of $11 billion in the market value for the company
It is worth noting that the boycott of the famous coffee chain came into being as a part of a large boycott campaign of several brands that either fund or support Israel.
This boycott intensified after the recent Israel-Hamas conflict that has claimed thousands of lives in Gaza. The continuous horrendous attacks of Israel on Gaza have resulted in a huge destruction of the whole city while northern Gaza has now been stated as cleansed by the Israeli government
Several celebrities and social media activists have promoted the boycott campaign that aims to pressure companies to cut ties with Israel
As per sources, it has been informed that due to a severe crisis, Starbucks Egypt laid off its workers in late November. The famous company also faced protests and boycotts in several Muslim-dominated countries which include Malaysia, Indonesia, and Turkey.
Keeping in light the situation, Starbucks stated that it doesn’t support any political cause nor has any investments in Israel. The company highlighted its social responsibility initiatives including supporting the environment and farmers.
However, it is worth noting that Starbucks has a history of involvement with Israel. The former partnership with Delek Group, which is an Israeli conglomerate is an example of such involvement.
Starbucks is not the only company affected by the campaign. Other brands like Coca-Cola, McDonald’s, etc have also faced boycotts and backlashes.
The main aim of the boycott campaign is to pressure the Israeli government to stop widespread genocide in Gaza. The situation in Gaza has deteriorated drastically. The horrific attacks on Palestine call for the international community to stand in solidarity with the Palestinians.
