Coca-Cola reacts as Cristiano Ronaldo’s act wipes out $ 4 billion from the company’s market value

Cristiano Ronaldo’s gesture to Coca-Cola at the Portugal-Hungary press conference had negative effects on the branding of the beverage company.

HIGHLIGHTS

  • Cristiano Ronaldo snubbed Coca-Cola and asked people to drink water at Portugal vs Hungary press conference
  • The move saw the Coca-Cola share price drop from $ 56.10 to $ 55.22
  • The beverage company reacted to Ronaldo’s incident, saying “everyone is entitled to their beverage preferences”

Global beverage giant Coca-Cola Company has lost $ 4 billion in market capitalization following Cristiano Ronaldo’s withdrawal of two bottles of Coca-Cola at a press conference at Euro 2020.

The 36-year-old Portuguese striker and Juventus FC dismissed the two bottles as he addressed the media ahead of Portugal’s tournament opener against Hungary.

Ronaldo followed him, brandishing a water bottle before saying “Agua!” in Portuguese and appearing to encourage people to choose water.

The Coca-Cola share price fell from $ 56.10 to $ 55.22 at the end of the press conference, a decline of 1.6%. It has now fallen to $ 55.41, while Coca-Cola’s market value has fallen from $ 242 billion to $ 238 billion, a decline of $ 4 billion.

Coca-Cola is one of the official sponsors of Euro 2020. The company responded on Tuesday with a statement saying “everyone is entitled to their drink preferences” with “different tastes and needs”, according to the report.

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