Starbucks loses $11 in value due boycotts

The U.S. coffee chain giant Starbucks has lost approximately $11 billion in value, or 9.4 percent of its total valuation, amid the ongoing boycott due to Israeli aggression against Gaza, according to Newsweek magazine on Tuesday.

The global political tensions are spilling fast into the Seattle-based Starbucks Corporation, which announced earlier its alleged support of the Israeli occupation’s attack against the Gaza Strip.

The company’s stock has now fallen in value for more than 11 consecutive days, a record in the company’s history. However, Starbucks in Egypt reduces staff in late November as a result of the boycott’s financial impact.