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Coca-Cola loses $4 billion after Ronaldo removes its bottles from conference

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  • Company’s market value drops after Portuguese football team captain pushes away two bottles of the beverage, picks up water instead

Budapest: Call it a coincidence or the direct impact of a celebrity snub. Portuguese football team captain Christiano Ronaldo’s act of removing two Coca-Cola bottles placed in front of him at a press conference on Tuesday was followed by the beverage giant a whopping $4 billion in market value. Ronaldo is not the only one to have made his preferences clear. A day later, on Wednesday, France midfielder Paul Pogba removed a bottle of beer placed in front of him at a press conference.

Ronaldo, 36, is a known health aficionado. He was attending a press conference in Budapest on Monday ahead of his country’s Group F game against Hungary. As soon as he saw two Coca-Cola bottles on the table in front of him, he shifted them away.

Ronaldo then picked up a bottle of water, a gesture interpreted as he urging people to choose water instead of carbonated drinks.

The popular footballer’s gesture seemed to have huge ramifications.

Coca-Cola is one of the official sponsors of Euro 2020.

Soon after, Coca-Cola’s share prices dropped 1.6 per cent, from $56.10 to $55.22. This drop resulted in decline of the company’s market value from $242 billion to $238 billion — a drop of $ 4 billion .Following the development, the company issued a statement saying everyone was entitled to their drink preferences with different tastes and needs.

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

Following in Ronaldo’s footsteps

A day later, France star midfielder Paul Pogba removed a bottle of Heineken beer placed in front of him at a post-match press conference on Wednesday. Pogba, who follows Islam, has publicly stated that he does not consume alcohol in any form.

 

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