Cristiano Ronaldo snub causes a 4 billion dollar drop in Coca-Cola’s market value

Cristiano Ronaldo snub causes a 4 billion dollar drop in Coca-Cola's market value

Cristiano Ronaldo’s gesture in picking up two bottles of Coca-Cola at a Euro 2020 press conference coincided with a $ 4 billion drop in the market value of the American beverage giant.

The Portugal captain was visibly uncomfortable when he saw two bottles of the carbonated soda in front of him as he sat down to speak to the media in Budapest on Monday before his national team’s first Group F match against Hungary.

Ronaldo, an advocate of a healthy diet, pulled the glass bottles from the camera frame and instead held up a bottle of water and said in Portuguese: “Water!”

Coca-Cola saw its share price drop 1.6% to $ 55.22 shortly after Ronaldo’s scorn. The market value went from $ 242 billion to $ 238 billion, a drop of $ 4 billion.

Coca-Cola, the official sponsor of Euro 2020, responded in a statement that “everyone is entitled to their drink preferences” with different “tastes and needs”.

The Coca-Cola company has 200 brands around the world, including different types of water. A Euro 2020 spokesperson said: “Players are offered water, along with Coca-Cola and Coca-Cola Zero, without sugar, upon arrival at our press conferences.”

They added that without the support of brands like Coca-Cola, “we could not organize a tournament with such success for players and fans, nor invest in the future of football at all levels.”

Coca-Cola’s association with UEFA dates back to 1988 and the company has “a long tradition of supporting all sports at all levels” and allowing it to “invest in football at all levels”.

On Tuesday, French midfielder Paul Pogba produced a bottle of Heineken beer that had been placed in front of him at a press conference following a 1-0 win over Germany in Munich.

Pogba, a practicing Muslim who does not drink alcohol, removed the bottle when he sat down to speak to the media after being named a party man.

On Tuesday, 36-year-old Ronaldo became the top scorer in Eurocup history with 11 goals. The Juventus forward scored two goals in Portugal’s 3-0 win over Hungary in what was his fifth tournament appearance.

The defending champions had to wait until the 84th minute to break the tie. Ronaldo subsequently shared a message with his nearly 300 million Instagram followers about resilience.

The five-time Ballon d’Or winner wrote: “You have to know how to suffer, fight to the end and always believe with all your might. There are no easy rivals or matches won immediately.

“The European Championship is a stage of luxury where only the best of the best are present and where each victory must be won with all determination and altruism. Great victory, team!”

Information from Reuters was used in this report

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