Coca-Cola Loses $4 billion After Cristiano Ronaldo Snubbed The Drink At A Media Event
All-time soccer superstar Cristiano Ronaldo’s gesture at a Euro 2020 press conference partly wiped $4 billion off Coca-Cola’s market value on Monday.
Ronaldo, sat beside Portugal manager Fernando Santos ahead of his team’s match against Hungary, irritably set aside two bottles of the soda drink placed before him. He then picked up a bottle of water and appeared to encourage drinking that instead by saying “Água!” – which is Portuguese for water.
Coca-Cola’s shares were trading around $56.17 when the market opened on Monday, but fell 1.6% to $55.22 by the end of the press conference. That resulted in a sharp drop in market value from $242 billion to $238 billion. The soft-drink manufacturer’s shares closed at $55.41 per share on Tuesday.