Coca-Cola suffered a loss of $4 billion following Cristiano Ronaldo’s gesture
A footage of Cristiano Ronaldo pushing aside two Coca-Cola bottles placed in front of him during a pre-match press conference and raising a water bottle went viral on social media. The small gesture by the star footballer advising people to drink normal water instead of sugary drinks resulted in a huge dip in the company’s market value.
The 36-year-old moved the coke bottles in front of him and grabbed a water bottle, saying “agua” (which means water in Portuguese). As the video spread rapidly on social media platforms across the globe, the company suffered massive losses, with its market value dropping by $4 billion.
Coca-Cola, one of the official sponsors of Euro 2020, saw its stock price fall from $56.10 to $55.22. (1.6% decline). The market value declined by $4 billion, from $ 242 billion to $ 238 billion.
In a statement on the matter, Coca-Cola said, “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences.” It added that “everyone is entitled to their drink preferences” and that everyone has different “tastes and needs”.
The incident occurred prior to yesterday’s match between Portugal and Hungary. Portugal won the match 3-0, scoring three late goals, two of which were scored by Ronaldo. Rono is now the all-time leading scorer in Euro Cup history.
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