Coca Cola loses $4 billion after Cristiano Ronaldo removes soft drink bottles at presser
Little did Cristiano Ronaldo know that his gesture of removing a couple of coke bottles would cause a heavy loss to the company. As unbelievable as it may sound, the star footballer's act of pushing aside Coke bottles at a pre-match press conference and advising to instead 'drink water' has resulted in a whopping dip of $4 billion in the company's market value.
After holding up the bottle of water as a sign of endorsement, Ronaldo said "agua", which means water in Portuguese.
Besides the fall in the market value, Coca Cola's stock price dropped 1.6 per cent, down from $56.10 to $55.22 within hours of the episode. The market value of the popular beverage brand dipped $4 billion from $242 to $238 billion.
Meanwhile, Coca Cola issued a statement and said that players are offered water, alongside Coca Cola and Coca Cola Zero Sugar on arrival at their press conferences.
The company said that “everyone is entitled to their drink preferences” and that everyone has different “tastes and needs”.
Coca-Cola is one of the official sponsors of Euro 2020 which is why the coke bottles were placed for marketing on the table.
One of the top footballers of the world, Ronaldo is a fitness fanatic, well known by his nearly 300 million Instagram followers.
READ MORE: Euro 2020: Coca Cola reportedly suffers heavy losses after Cristiano Ronaldo moving bottles incident
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