Fact Check: Did Starbucks lose $12 billion from boycott calls? Viral tweet claim debunked 

An X post on December 6 claimed that Starbucks lost $12 billion after facing worldwide boycotts in recent times. Back in October, the Seattle-based company’s workers union expressed their support for Palestine on X. They wrote those words of solidarity above an image showing Hamas members trampling over a fence in the Gaza Strip on a bulldozer during its conflict with Israel.

Viral tweet claims the coffeehouse chain lost $12 billion amid boycott calls. (Image via X/@ThePopTingz)

Although the union later deleted the post It eventually sparked calls for boycotts. The company, however, denied taking any sides in a separate statement and wrote:

"We unequivocally condemn these acts of terrorism, hate, and violence, and disagree with the statements and views expressed by Workers United and its members. Workers United’s words and actions belong to them, and them alone."

The viral X post by Pop Tingz claiming Starbucks’ $12 billion loss was later debunked by a community note. It clarified:

"Starbucks hasn’t lost $12 billion but has lost a market value of $12 billion which constitutes a 9.4% decrease in market value."

Community note debunking the claim. (Image via X/@ThePopTingz)

However, the community note mentioned the wrong amount. Due to a decline in sales, the coffeehouse chain lost nearly 11 billion in market value.

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Starbucks did not lose $12 billion, but its market value is in decline

In recent weeks, Starbucks has been burdened with financial turmoil resulting from boycott calls, holiday promotions, and mass staff walkouts. All of it led to a decline of $10.98 billion in its market value. Its Red Cup Day this year has been less cheerful due to the global political tensions affecting its outlets.

The public’s apparent discontent with the company’s political stances moreover signals a rather challenging profit for its future. The corporation continues to struggle with complex socio-political issues, prompting its investors to retreat, ultimately resulting in its shares losing streak. Since 1992, Starbucks’ shares have lost their longest streak, having the stock market weigh heavily on it.

Since November 16 when the coffeehouse chain had its Red Cup Day promotion, its shares have dropped by 8.96 percent, equating to a loss of nearly $11 billion. After the Workers Union’s post, the boycott calls soon resonated across social media with many people following up on it. The debate intensified when legal actions were taken by the company against the union.

They were also faced with strikes by the employees who demanded improvement in scheduling, staffing, and negotiating contracts. Workers also asked for better working conditions, particularly on days when the rush is high. The company’s usually gleeful Red Cup Day celebrations were dulled this year as there were staff walkouts, disrupting the usual service flow at over 200 outlets in the U.S.

Thus, even though the company did not lose all that money, the decline in its shares have also greatly affected its overall business.