Did Cristiano Ronaldo cost Coca Cola $4 billion loss?
Portuguese sensation Cristiano Ronaldo inspired a few of his fans when he showed his hatred towards aerated soft drinks during the 2020 UEFA Euro press conference. Meanwhile, it seems that Ronaldo's deeds might have cost Coca Cola a drop of $4 billion in its market value.
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FollowCristiano Ronaldo of Portugal is one of the greatest footballers of the modern day. While he keeps his fans entertained by his sublime footballing skills, he also acts as an inspiration for quite a few in all forms of life through endorsements and participating in social causes.
Recently, he created headlines when during the press conference of the ongoing UEFA Euro for Portugal, he saw the bottles of soft drinks company Coca Cola, which happens to be the tournament's official sponsor. However, Ronaldo did not promote the brand on a good note, as he decided to remove the bottles and replaced them with a water bottle, besides asking everyone to "drink water".
Ronaldo's act was applauded by all on social media, with many stating that he does not endorse soft drinks as it is not healthy enough. Meanwhile, it has seemingly affected Coca Cola financially. According to a report by AAP, the soft drink brand suffered a loss of $4 billion, as the removal of the two bottles by Ronaldo saw a drop in its market value.
While Coca Cola's previous share price was $56.10 on the day, it dropped to $55.22 billion (1.2%) immediately following Ronaldo's act. Overall, it had a market value of $242 billion that dropped to $238 billion.
Nevertheless, Coca Cola decided against taking any action against the Portuguese, while it stated that "everyone is entitled to their drink preferences" along with varied "tastes and needs". Meanwhile, a spokesperson from the Euro said, "Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences."
Also, following Ronaldo's act, French midfielder Paul Pogba decided to do the same with the alcoholic brand Heineken by removing its bottle during a press conference. While Pogba is not into alcohol, he also belongs to a Muslim family and did his part owing to his religious beliefs.
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