Coca-Cola Company lost $4 billion in market capitalization following footballer Cristiano Ronaldo’s removal of two Coca-Cola bottles during a press conference at the Euro 2020.
— SportsRooter.com ⚽️ (@SportsRooter) June 14, 2021
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.
Ronaldo followed it by holding up a water bottle before saying “Agua!” in Portuguese and appearing to encourage people to choose water.
According to Australian Associated Press, Coca-Cola’s share price slipped from $56.10 to $55.22 almost immediately after this gesture by Ronaldo, translating to a 1.6 per cent drop. The market valuation of Coca-Cola went from $242 billion to $238 billion, thereby registering a fall of $4 billion.
Coca-Cola is one of the official sponsors for Euro 2020. The company replied with a statement on Tuesday that said “everyone is entitled to their drink preferences” with different “tastes and needs”, the report said.
Shortly after the incident, ‘Cristiano Ronaldo Coca Cola video’ began trending on social media with fans lauding him for promoting healthy food choices as a sports icon. However, the ‘Cristiano Ronaldo Coca Cola video’ has caused a massive loss of finances for the soft drink beverage.