Coca-Cola share price falls $4 billion after Cristiano Ronaldo snub product

Coca-Cola share price falls $4 billion after Cristiano Ronaldo snub product

Cristiano Ronaldo’s removal of two Coca-Cola bottles at a Euro 2020 news conference coincided with a $4 billion drop in the share price of the American drink giant.

The Portugal captain was visibly troubled when he saw two bottles of the carbonated soft drink in front of him as he sat down to speak to the media on Monday in Budapest ahead of his national team’s Group F opener against Hungary.

Ronaldo, an advocate of a healthy diet, moved the glass bottles out of the camera frame and instead held up a bottle of water in while he said in Portuguese: “Water!”

Coca-Cola saw their share price drop by 1.6% to $55.22 soon after Ronaldo’s actions. The market value went from $242bn to $238bn — a $4bn drop.

Coca-Cola, an official sponsor of Euro 2020, responded in a statement that “everyone is entitled to their drink preferences” with different “tastes and needs.”

Coca-Cola company has 200 brands worldwide, including different types of water. A Euro 2020 spokesperson said: “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences.”

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