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Ronaldo’s snub cost billions to Coca-Cola’s market value: reports

Portuguese star moved beverage bottles during press conference on Tuesday

SAMAA | - Posted: Jun 16, 2021 | Last Updated: 3 months ago
SAMAA |
Posted: Jun 16, 2021 | Last Updated: 3 months ago

Photo: AFP

Beverage giants Coca-Cola has reportedly suffered a dip of up to $4 billion in its market value after Portuguese superstar Cristiano Ronaldo moved Coke bottles out of frame during the Euro 2020 press conference on Tuesday.

Coke is one of the many sponsors at UEFA’s flagship tournaments and their product was seen on the desks at press conferences ahead of Portugal’s 3-0 win over Hungary.

According to The Guardian, Ronaldo’s actions coincided with a $4 billion decrease in Coca-Cola’s market value, dropping from $242bn to $238bn in the aftermath of the press conference.

While removing the iconic bottles from the desk, Ronaldo shouted in Portuguese: ‘Drink water!’

The report stated that the company’s share prices slumped from $56.10 to $55.22.

In response to Ronaldo’s actions, UEFA said that “everyone is entitled to their drink preferences”.

“Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences,” a spokesperson added as quoted by Daily Mail.

Portugal went on to beat Hungary in their opening match on Tuesday where the 36-year-old scored a brace.

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