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.
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.
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”.