Cristiano Ronaldo snub wipes billions off Coca-Cola’s market value
Global beverage giant Coca-Cola Company lost $4 billion in market capitalisation following Cristiano Ronaldo’s removal of two Coca-Cola bottles during a press conference at the Euro 2020.
The 36-year-old Portuguese and Juventus FC striker moved the two bottles aside as he spoke to the media ahead of Portugal’s first game of the tournament against Hungary.
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 is a pop culture colossus, boasting nearly 300 million Instagram followers
