Sport

Cristiano Ronaldo snubbed Coca-Cola and the company’s market value fell $4 billion

As soccer star Cristiano Ronaldo sat down for a press conference at the European Championship Monday, he pushed aside two Coca-Cola bottles placed in front of him.
“Água,” he said in Portuguese, picking up a bottle of water and seemingly encouraging others to do the same. “No Coca-Cola.”
The simple gesture had a swift and dramatic impact: The soft drinks giant’s market value fell $4 billion, highlighting the power and impact that celebrities and influencers can have on the market.
The 36-year-old Juventus star, who has almost 300 million followers on his personal Instagram account, is known for maintaining strict physical and eating regimens and has previously criticized the consumption of soft drinks.
The company’s share price dropped from $56.10 to $55.22 quickly after Ronaldo’s slight, marking a 1.6 percent fall. The market value of Coca-Cola went from $242 billion to $238 billion, according to Nasdaq index and the New York Stock Exchange.
The soft-drink manufacturer’s shares continued to slide on Wednesday, falling by 1.34 percent to $54.67.
The Union of European Football Associations (UEFA), the governing body for soccer in the region, issued a brief a statement noting that players are offered water, Coca-Cola and Coca-Cola Zero Sugar at press conferences and that they “can choose their preferred beverage.”
“Coca-Cola offers a range of drinks to suit different tastes and needs, which are available to players throughout the tournament,” the statement added.

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