Over $4bn wiped off Coca-Cola market value after Ronaldo rejects bottle
Footballer Cristiano Ronaldo, removed two Coca-Cola bottles from the table during a press conference at the Eurocup 2020 football tournament and caused a $4bn fall in the share price of the company.
Coca-Cola Co.
$71.64
11:09 20/09/24
Dow Jones I.A.
42,063.36
04:30 15/10/20
After the snub, the soft drink company’s share price dropped by 1.6%
The Portugal captain is a renowned health fanatic and made it clear what he thinks of the carbonated soft drink. After removing the bottles he held up a bottle of water before declaring in Portuguese: “Agua!”, appearing to encourage people to choose that instead.
Coca-Cola’s share price dropped from $56.10 to $55.22 almost immediately after Ronaldo’s gesture, a 1.6% dip. The market value of Coca-Cola went from $242bn to $238bn – a drop of $4bn.
The bottles were on the table because the company is the official sponsor of the football tournament and replied on Tuesday that “everyone is entitled to their drink preferences” with different “tastes and needs”.
A Eurocup spokesperson said: “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences.”