Coca-Cola shares drop $4 billion after Christiano Ronaldo’s gesture to drink water

Cristiano Ronaldo’s gesture for people to drink water instead of Coke at a Euro 2020 press conference may have cost the soda company $4 billion in market value.  

Coca-Cola shares dropped from $56.17  to $55.22 after Ronaldo moved two Coke bottles out of view and picked up a bottle of water before Portugal’s match against Hungary on Monday. 

Market value for the company dropped from $242 billion to $238 billion – a $4 billion plunge. 

“Aqua!” the soccer superstar exclaimed. Aqua means water in Portuguese. 

Coca-Cola is one of the sponsors for the UEFA EURO 2020 tournament and a statement from the company reviewed by the Guardian said, “everyone is entitled to their drink preferences.” 

A Euro 2020 spokesperson reportedly said, “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conference.” 

EURO 2020: Pragmatism the key to success in pandemic soccer

‘Good fortune’: Spain vaccinates Euro 2020 soccer team after outbreak scare

Ronaldo may have started a trend, because French soccer player Paul Pogba mirrored the same gesture with a Heineken bottle following a match with Germany on Tuesday. 

Ronaldo is well known for his impressive physique and told that to keep his body in good shape, he avoids alcohol and carbonated drinks.  

Coca-Cola shares were up to $55.41 when the stock market closed on Tuesday. 

Source: Read Full Article