How Coca-Cola Lost $4 Billion In Valuation Because Of Ronaldo
When Cristiano Ronaldo sat for a press conference ahead of Portugal's match against Hungary in the ongoing UEFA 2020, no one thought that one of the League's major sponsors would lose out on $4 Billion dollars in an instant but that's exactly what happened.
In a video of the press conference, the legendary player Ronaldo seems hassled by the two Coca-Cola bottles kept in front of him. Annoyed by the beverages, he quickly sets them aside and in lieu places a bottle of water on the table as he mouths, "ÁguA (water)" in Portuguese.
It's no secret that the captain of the Portugal football team holds contempt for anything unhealthy. A disciplined athlete, he is known to be strict with himself and those around him when it comes to fitness and dietary restrictions.
The video that went viral all over the world and UEFA's sponsor, Coca Cola, faced the brunt of it all with social media users mocking the brand and its share price dropping 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 - an instant $4 billion loss.
Coca-Cola then released a statement expressing how tastes and needs are subjective. Coca-Cola said, “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences.”
Following the aftermath of the Ronaldo-Coke incident, Paul Pogba -the French midfielder- was seen removing a bottle of Heineken (non-alcoholic) beer that had been placed in front of him during the Euro 2020 press conference. Pogba, a practicing Muslim, removed the bottle as he sat down to speak to the media after he was named 'Man of the Match' in France's win over Germany.