Companies

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

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor