Culture
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.
Starbucks Loses Billions
The New York Post reported that Starbucks’ stock dropped 1.6% when the markets opened on Monday, declining for a 11th consecutive session. This is the longest losing streak that Starbucks has suffered since it went public back in 1992. It has erased erased 9.4% of Starbucks’ market value, which is a decline of nearly $12 billion.
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.
“We unequivocally condemn acts of terrorism, hate and violence, and disagree with the statements and views expressed by Workers United and its members,” Starbucks said in a statement. “Workers United’s words and actions belong to them, and them alone.”
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.
Related: McDonald’s Facing Potential Boycott For Giving Free Food To Israeli Soldiers – Lebanon Restaurant ‘Destroyed’
Starbucks Has Tried To Be Progressive
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 despite the fact that the coffee brand has made the leftwing principles of diversity and inclusion a focus for years.
“By 2025, our 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,” the official Starbucks website states.
“To do this, we are enhancing our efforts in reaching a broader pool of candidates and fostering inclusivity in our recruitment practices, assessing partner engagement, and continuing to provide opportunities for inclusive leadership training,” it continues.
Back in 2021, Starbucks 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.”
Starbucks alleges that $37 million has been invested towards this goal at this time.
Starbucks even pays college tuition for their employees, saying that “every eligible U.S. partner working part- or full-time receives 100% tuition coverage for a first-time bachelor’s degree through Arizona State University’s online program.”
Related: Tlaib Compares Israel to Nazi Germany in House Speech On Boycott Resolution
Progressive Mob Never Satisfied
That all sounds like exactly the type of goal that should make any progressive happy, yet the radical left wants to destroy Starbucks for seemingly supporting Israel over Palestine. Starbucks is clearly putting in the work to help further progressive causes, but that isn’t helping the brand now when it comes to combatting the cancel culture mob.
In the end, this all just proves that the radical left cares way more about words than they do about action. Only time will tell if Starbucks is able to survive their wrath.
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