Coca-Cola Loses US$4bn In Value Following Ronaldo’s Snub
Coca-Cola has lost US$4bn in value since Cristiano Ronaldo’s snub of the beverage at a press conference before Portugal’s UEFA Euros match against Hungary on Tuesday night.
Ronaldo, a renowned health fanatic, removed two Coca-Cola bottles during a press conference and made it clear what he thinks of the carbonated soft drink.
The 36-year-old then held up a bottle of water before declaring in Portuguese: “Aqua!”, appearing to encourage people to choose that instead.
Coca-Cola’s share price dropped from $56.10 to $55.22 almost immediately after Ronaldo’s gesture, a 1.6% dip. The market value of Coca-Cola went from $242bn to $238bn – a drop of $4bn.
Coca-Cola, one of the official sponsors of Euro 2020, replied on Tuesday with a statement that said “everyone is entitled to their drink preferences” with different “tastes and needs”.
A Euros spokesperson said:
_Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences._
Ronaldo has a very huge fanbase on social media, boasting nearly 300 million Instagram followers.
On Tuesday, he scored twice in Portugal’s 3-0 win over Hungary – moving beyond France great Michel Platini as the record goalscorer at the European Championship finals with 11.
France midfielder, Paul Pogba, a devout Muslim, also removed a Heineken bottle from his site during a press conference. We are yet to hear if that act had an impact on the company.
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