Portuguese soccer phenom, Cristiano Ronaldo snubbed Coca-Cola, a Euro2020 tournament sponsor, while speaking with the press. This coincided with Coca-Cola‘s market value abruptly plunging by almost US $4 billion.
The world famous captain of team Portugal pushed aside the two strategically placed Coke bottles as he sat down to take press questions ahead of a game against Hungary. Ronaldo then held up a bottle of water and exclaimed “Beba agua!”- translated: “Drink water!”
Cristiano Ronaldo Snubs Coca-Cola, Coke Market Value Takes a US $4 Billion Dive!
Almost immediately after the snub aired, Coca-Cola’s stock price dipped by 1.6 per cent. That dropped its overall market value to from US$242 billion to US$238 billion- wiping out US $4 billion dollars.
The stock opened at $56.16 on Monday pre Ronaldo’s press conference appearance. The stock price then dropped to $55.26 a share.
While there is the possibility there were other factors involved when it comes to the Coke dip, it does seem being snubbed by one of the most recognizable athletes in the world, with most popular Instagram account on the planet (Ronaldo has 299 million followers) wasn’t a positive for the global brand.
In response to Ronaldo’s move, a representative for Coca-Cola at the Euro 2020 tournament said, “everyone is entitled to their drink preferences,” and each person has different “tastes and needs.”
Coke, Coke Zero and water are all offered to the athletes upon arrival at the various press conferences they attend throughout the soccer tournament.
36- year-old Ronaldo is a vocal health enthusiast who has been public about his disdain for sugary sodas. It’s also important to note that Ronaldo is not sponsored by Coca-Cola OR any of its rivals…he just really didn’t want to share the stage with a Coke!
It seems water was the right way to go for Ronaldo- he went on to score two goals in Portugal’s 3-0 win over Hungary, making him the leading scorer in European Championship history.
“Beba agua!” indeed!
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