Coca-Cola have reportedly lost $4bn after Juventus and Portuguese star Cristiano Ronaldo rejected soft-drink brand during a press conference before his country’s opening game at the EURO 2020 competition.
This happened on Monday, June 14, when Cristiano Ronaldo as the captain of the Portuguese national team was speaking to the media about himself and his teammates’ preparation for the championship.
While speaking at the press, Cristiano Ronaldo spotted two bottles of Coca-Cola in front of him and he immediately moved them away and picked a bottle of water.
Over the years, Cristiano Ronaldo is known as a footballer who does not take sugary soft drinks and has never also been spotted with alcohol.
Years back, Cristiano Ronaldo made it clear that he won’t be taking alcohol because of the effect it had on his late father who was an officer.
According to reports, Cristiano Ronaldo’s decision to snub Coca-Cola at the press conference is said to have cost the company massive loss hours later.
Coca-Cola’s share price dropped from $56.10 to $55.22 almost immediately after Ronaldo’s gesture, a 1.6% dip.
The market value of Coca-Cola went from $242bn to $238bn – a drop of $4bn.
But in another development on dividendmax, analysts have argued that since Coca-Cola had their dividend day on June 14, Ronaldo’s action may not be the sole reason for their loss.
Meanwhile, Cristiano Ronaldo went on to score two goals for Portugal in their first game at EURO 2020 as they kicked off their title defence on a winning note.