Cristiano Ronaldo’s gesture costs Coca-Cola $4billion market value
Cristiano Ronaldo’s gesture towards Coca-Cola during Portugal vs Hungary press conference has had adverse effects on the beverage behemoth’s brand valuation.
It has been reported that Coca-Cola’s share price dropped from $56.10 to $55.22, taking a 1.6% dip right after Ronaldo’s gesture. This saw the market value of the brand going down from $242bn to $238bn (a drop of $4bn).
Recall that the Portugal captain asked people to drink water and snub Coca-Cola right at the beginning of his team’s press conference ahead of the Hungary match in Euro 2020.
As Ronaldo arrived to attend Portugal’s press conference with manager Fernando Santos, he spotted two bottles of Coca-Cola in front of him and decided to remove them from the camera angle altogether, despite the fact that Coca-Cola is one of the sponsors of Euro 2020.
However, Coca-Cola has decided to put in a statement after Ronaldo’s act, saying: “Everyone is entitled to their drink preferences” as people have different “tastes and needs”.
A spokesperson of Euro 2020 tournament also shared his views on the matter by saying: “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences.”
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