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Coca-Cola looses $4 Billion after Cristiano Ronaldo’s Snub at Euro 2020 press conference

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Entire world acknowledges power of Cristiano Ronaldo on field but little did we knew that this football legend holds a lot of power when it comes to share market too. The Portuguese star’s action of moving two Coca-Cola bottles at a Euro 2020 press conference had a negative impact on the brand.

Coca-Cola lost a staggering $4 billion after Cristiano Ronaldo’s viral press conference stunt at Euro 2020. Coca-Cola which is the official sponsor of Euro 2020 had placed two bottles in front of everyone speaking at press conferences. However in a viral moment that has sent social media users into frenzy, within seconds of sitting down, the footballer put the Coca-Cola bottles away and held a bottle of water up saying, “Agua” (water) in Portuguese in a gesture appeared to encourage people to drink water instead of aerated drinks.

CR7’s action had a real-world impact as Coca-Cola’s market value that went from being worth USD 242 billion to USD 238 billion, which is a loss of USD 4 billion. Coca-Cola’s share price had also dropped from $56.10 to $55.22 by the end of the press conference which was a 1.6 per cent drop.

Coca-Cola released a statement after Ronaldo’s presser, saying “everyone is entitled to their drink preferences” and everyone has different “tastes and needs”.