This article discusses how Starbucks has lost nearly $12 billion in market value over the past few months, with rumors swirling that this stems from boycotts over the Israel-Gaza war. The New York Post reported that Starbucks’ stock dropped 1.6% when the markets opened on Monday, declining for an 11th consecutive session. This is the longest losing streak that Starbucks has suffered since it went public back in 1992. Much of this may be due to boycotts launched over Starbucks’ perceived support of Israel. Last month, the Workers United union that represents Starbucks’ union workers took to social media in a post that has since been deleted to express “Solidarity with Palestine!” Starbucks immediately fired back by attempting to distance itself from Workers United. However, this was interpreted by many as a show of support for Israel over Palestine. Though Starbucks has tried to downplay any signs of a boycott, the hashtag #boycottstarbucks continues to trend on social media at the time of this writing. This all just goes to show that nothing will ever be enough to appease the far-left, which is trying to punish Starbucks for not virtue-signaling about the Israel-Hamas controversy. Starbucks has made the leftwing principles of diversity and inclusion a focus for years. The official Starbucks website states that by 2025, the company’s goal is to achieve racial and ethnic diversity of at least 30% at all corporate levels and at least 40% at all retail and manufacturing roles. Starbucks has even launched the Community Resilience Fund “with the commitment to invest $100M to advance racial equity and environmental resilience by supporting small business growth and local nonprofits in communities with historically limited access to capital by 2025.” However, Starbucks is clearly putting in the work to help further progressive causes, but that isn’t helping the brand now when it comes to combating the cancel culture mob. Only time will tell if Starbucks is able to survive their wrath.
Leftists’ Israel Boycott Costs Starbucks Billions Despite Progressive Image
