Cristiano Ronaldo snub costs Coca Cola billions in market value

Our Bureau Mumbai | Updated on June 16, 2021

File photo of Cristiano Ronaldo   -  REUTERS

The market value of Coca-Cola dipped $238 billion

Soon after football star Cristiano Ronaldo moved two bottles of Coca Cola at a press conference and held up a bottle of water instead, the beverage giant lost billions in market value on Tuesday.

Ronaldo at a press conference was seen putting aside Coca Cola bottles while sitting down for a media interaction, taking the brand name. He then picked up a bottle of water and said "Agua" the Spanish word for water.

Coca Cola is a sponsor for the ongoing Euro 2020 sponsor where the Portuguese star footballer is representing the country. Ronaldo is a known fitness enthusiast.

The video of the incident was shared on social media and soon went viral.

The market value of Coca-Cola dipped from $242 billion to $238 billion, a drop of a whopping $4 billion soon after. Its share price went from $56.10 to $55.22, down 1.6 per cent drop. It then went to $55.41.

Coca-Cola replied with a statement that, “everyone is entitled to their drink preferences” with different “tastes and needs,” as per a Guardian report.

A Euros spokesperson said, “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences,” as quoted by the report.

Published on June 16, 2021

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