Business Insider – Retail – Coca-Cola lost $4 billion in market value after soccer star Cristiano Ronaldo suggested people should drink water insteadEstimated Reading Time: just 1 min

As reported on Business Insider – Retail:

Cristiano Ronaldo hates Coca-Cola

All-time soccer superstar Cristiano Ronaldo’s gesture at a Euro 2020 press conference wiped $4 billion off Coca-Cola‘s market value on Monday.

Ronaldo, sat beside Portugal manager Fernando Santos ahead of his team’s match against Hungary, irritably set aside two bottles of the soda drink placed before him. He then picked up a bottle of water and appeared to encourage drinking that instead by saying "Água!" — which is Portuguese for water.

Coca-Cola’s shares were trading around $56.17 when the market opened on Monday, but fell 1.6% to $55.22 by the end of the press conference. That led to a sharp drop in market value from $242 billion to $238 billion. The soft-drink manufacturer’s shares closed at $55.41 per share on Tuesday.

Coca Cola stock price after Cristiano Ronaldo snubbed the drink

The stock price of one of the largest bottlers of the drink, Coca-Cola Bottling, fell 4% on Monday, and is down 8% in the past week. 

Coca-Cola is one of the official sponsors of the UEFA EURO 2020 tournament. The company reportedly issued a statement about the incident, saying "everyone is entitled to their drink preferences" and have differing "tastes and needs."

A Euro 2020 spokesperson added: "Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conference."

Ronaldo has previously spoken about his disapproval of Coca-Cola and other unhealthy food and beverages. He follows a fitness routine that includes eating six meals and taking five naps on a typical day. 

In 2020, he said he gets irritated with his son Cristiano Jr. who likes to drink the soda. 

Read More: Deirdre Dunn started her career winning a hamburger-eating contest on the trading floor at Goldman Sachs. Now she’s one of Wall Street’s star traders at Citigroup.

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Source: Business Insider – Retail
Author: Shalini Nagarajan
Date: June 16th 2021
Link: https://markets.businessinsider.com/news/stocks/euro-2020-cristiano-ronaldo-coca-cola-market-value-snubs-drink-2021-6-1030526880

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