Starbucks loses USD 12 billion in value amid boycott calls

Since November 16, the company has also lost more than 10 percent of its value due to thousands of workers left their jobs in the US.

American coffee giant Starbucks has suffered a staggering loss of more than 12 billion dollars in market value due to boycott campaign and employee strikes in solidarity with Palestinians.

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Since October 7, American and European brands are facing boycotts worldwide due to Western governments’ support for Israel, causing more than 16,000 of civilian deaths in the Gaza Strip conflict.

On Wednesday, December 6, Starbucks shares fell after sales numbers declined by more than 1 percent, which is the company’s largest loss since its IPO in 1992.

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Since November 16, the company has also lost more than 10 percent of its value due to thousands of workers left their jobs in the United States (US), Anadolu Agency (AA) reported.

On November 16, Starbucks workers in the US went on strike in numerous branches, demanding better working conditions.

On October 19, Starbucks filed a lawsuit against its employee union for promoting Palestine advocacy, leading to increased social media campaigns for a boycott of the American coffee chain in the Arab world.

The chain has more than 35,000 branches around the world in 86 countries, including more than 9,000 branches in the United States of America.

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