Coca-Cola market value drops by $4bn after Ronaldo snub!

Cristiano Ronaldo‘s removal of two Coca-Cola bottles at a Euro 2020 news conference coincided with a $4 billion drop in the market value of the American drink giant.

The Portugal captain was visibly troubled when he saw two bottles of the carbonated soft drink in front of him as he sat down to speak to the media on Monday in Budapest ahead of his national team’s Group F opener against Hungary. 

Ronaldo, an advocate of a healthy diet, moved the glass bottles out of the camera frame and instead held up a bottle of water while he said in Portuguese: “Water!”

Coca-Cola saw its share price dropped by 1.6% to $55.22 soon after Ronaldo’s actions. The market value went from $242bn to $238bn — a $4bn drop.

Coca-Cola, an official sponsor of Euro 2020, responded in a statement that “everyone is entitled to their drink preferences” with different “tastes and needs.”

Coca-Cola Company has 200 brands worldwide, including different types of water. A Euro 2020 spokesperson said: “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences.”

It added that without the support of brands like Coca-Cola “we could not organize a tournament with such success for players and fans, nor invest in the future of football at all levels.”

Coca-Cola’s partnership with UEFA goes back to 1988 with the company having “a long tradition of supporting all sports at its various levels” and which has allowed “investment in football at all levels.”

Via ESPN FC