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Wednesday, August 04, 2021

After Cristiano Ronaldo snub, Coca-Cola lost $4 billion

The market valuation of Coca-Cola went from $242 billion to $238 billion, thereby registering a fall of $4 billion after Cristiano Ronaldo moved the two soft drink bottles aside as he spoke to the media ahead of Portugal's first game in Euro 2020.

By: Express Web Desk | New Delhi |
Updated: June 16, 2021 1:15:49 pm
Coca-Cola, Coca-Cola share price, Coca-Cola market valuationCoca-Cola's share price slipped from $56.10 to $55.22, translating to a 1.6 per cent drop, almost immediately after Cristiano Ronaldo moved two cola bottles aside and followed it by holding up a water bottle before saying “Agua!”. (Image sources: Reuters, NYT)

Global beverage giant Coca-Cola Company lost $4 billion in market capitalisation following Cristiano Ronaldo’s removal of two Coca-Cola bottles during a press conference at the Euro 2020.

The 36-year-old Portuguese and Juventus FC striker moved the two bottles aside as he spoke to the media ahead of Portugal’s first game of the tournament against Hungary.

Ronaldo followed it by holding up a water bottle before saying “Agua!” in Portuguese and appearing to encourage people to choose water.

According to Australian Associated Press, Coca-Cola’s share price slipped from $56.10 to $55.22 almost immediately after this gesture by Ronaldo, translating to a 1.6 per cent drop. The market valuation of Coca-Cola went from $242 billion to $238 billion, thereby registering a fall of $4 billion.

Coca-Cola is one of the official sponsors for Euro 2020. The company replied with a statement on Tuesday that said “everyone is entitled to their drink preferences” with different “tastes and needs”, the report said.

In Tuesday’s game against Hungary, Ronaldo scored twice in Portugal’s 3-0 victory, thereby moving beyond France’s Michel Platini as the record goalscorer at the European Championship finals with 11 goals.

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