Coca-Cola stock witnessed a major blow after Cristiano Ronaldo gestured to drink water instead of coke at a press conference of Euro 2020. It cost the coke company $4 billion worth of stock in a single day!
Cristiano Ronaldo moved two bottles of Coca-Cola out of his view and picked a water bottle gesturing to the crowd to prefer water over soda bottles in a press conference before a match against Hungary.
Coca-Cola stock couldn’t bear this brutal dis-endorsement from one of the greatest footballers of all time, who is also one of the most influential persons on social media and its share price started to drop even before the press conference had ended.
Coca-Cola shares dropped to $55.22 from $56.17 causing the company to plunge to a $4 billion loss as the market value of Coca-Cola dropped to $238 billion from $242 billion.
The share price of Coca-Cola sunk another 0.6%; having a closing value of $55.08.
Coca-Cola is one of the main sponsors of the UEFA EURO 2020 tournament. After the news started making waves about Coca-Cola’s $4 billion loss, one of the company representatives made a statement that “everyone is entitled to their drink preferences.”
Meanwhile, a spokesperson of Euro 2020 said “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conference.”
Soccer superstar Cristiano Ronaldo is famous for his approach towards fitness and health. He regularly endorses no alcohol or fizzy drinks to stay fit. His daily routine includes six regular meals and five naps a day. He is one of the major influencers on social media, having more than 300 million followers on Instagram.
The Portuguese footballer exclaimed “Agua” which means water, as he picked up the water bottle while removing coke bottles from his view.
It seems like Ronaldo has started a trend, as French soccer player Paul Pogba; who also plays for Manchester United, followed suit. Pogba is a devoted Muslim, and he removed the Heineken (another alcoholic beverage sponsor of Euro 2020) bottle from his desk. However, he did not say anything while doing so.