Coca-Cola loses billions thanks to Ronaldo
Coca-Cola loses 4 billion USD in market value.
This happened due to an incident at a pre-match conference of the Euro 2020.
On Monday, Ronaldo removed two bottles of Coke from the conference table.
This gesture wiped off few billions of #CocaCola pic.twitter.com/rCyV2B69SD
— @jeaяm80 (@jearm80) June 16, 2021
The video is viral and trending on social media sites.
He then placed a water bottle and said ‘Agua’ which is water in Portuguese.
Ronaldo continued to encourage everyone to drink water.
He also didn’t look pleased with the presence of the popular soft drink in front of him.
This dedication is seen in his ability to compete against younger players at age 36.
As a result, Coca-Cola’s share price dropped from $56.10 to $55.22, taking a 1.6% dip.
The market value of the brand also went down from $242bn to $238bn.
However, UEFA is yet to respond to Ronaldo’s actions.
Coca-Cola is one of the major sponsors of Euro 2020.
Coca-Cola responded to the incident by saying everyone is entitled to their drink preferences.
This incident also shows how much impact celebrities have on the market.
Elon Musk, the owner of Tesla, is also notorious for his Twitter posts.
The value of cryptocurrencies like Dogecoin and Bitcoin changed due to his posts.
The Coca-Cola Company is an American multinational beverage corporation.
It is headquartered in Atlanta, Georgia.
The company produces Coca-Cola, which was invented in 1886 by pharmacist John Stith Pemberton.
Ronaldo scored two goals in Portugal’s 3-0 win over Hungary on Tuesday.
He broke the record for most goals scored in the history of the European Championship.
