Coca-Cola Market Value Suffered a $4 Billion Drop; Company Responds - Viral Bake

Coca-Cola Market Value Suffered a $4 Billion Drop; Company Responds

At a pre-match press conference right ahead of the EURO 2020 clash between Hungary and Portugal, a small gesture by star footballer Cristiano Ronaldo has left a big dent in Coca-Cola’s market value.

Source: The Indian Express

In the press conference, Cristiano pushed a couple of Coke bottles aside that kept in front of him. He moved the bottles out of the frame and then picked a water bottle in front of the press gathered for the conference.

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He also said “agua” — which means water in Portuguese — after holding up the bottle of water as a sign of endorsement. His gesture soon went viral on various social media platforms and shared widely across the globe.”

Soon after this, Coca-Cola — one of the official sponsors of Euro 2020, saw its market value dip by a banging $4 billion. However, Coca-Cola’s stock price dropped by 1.6 percent, down from $56.10 to $55.22 after Cristiano Ronaldo’s gesture. 

Coco-Cola Issued a statement on the matter saying, “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences.

The company additionally said “everyone entitled to their drink preferences” and that everyone has different “tastes and needs”.

Singh Vivek

With over 5 years of writing obituaries for a different organisation, I have a uniquely wry voice that shines through in my newest collection of articles.

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