Coca-Cola responds as Cristiano Ronaldo act wipes off USD 4 billion from the company’s market value

Cristiano Ronaldo’s gesture towards Coca-Cola during Portugal vs Hungary press conference has had adverse effects on the beverage company’s brand valuation.

KEY HIGHLIGHTS

• Cristiano Ronaldo snubbed Coca-Cola and asked people to drink water during Portugal vs Hungary press conference

• The move saw Coca-Cola’s share price drop from $56.10 to $55.22

• The beverage company has reacted to the Ronaldo incident, saying “everyone is entitled to their drink preferences”

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.

Coca-Cola’s share price dropped from $56.10 to $55.22 by the end of the press conference – a 1.6 per cent drop. It has now risen to $55.41.The market value of Coca-Cola went from $242 billion to $238 billion – a drop of a whopping $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.