Cristiano Ronaldo, one of the most influential individuals in the sports category, caused coca-cola to lose 4Billion market value. Recently during a press conference at the Euros, Cristiano casually picked up two coca-cola bottles and placed them outside the frame. Then he raised the water bottle saying “Augua” which means water in Spanish.
This gesture from Cristiano says drink water instead of these bottles. With this subtle gesture, Cristiano Ronaldo wiped out nearly 4 billion dollars from Coca-Cola’s market value.
After this situation, Coca-Cola’s share price dropped from $56.10 to $55.22. This means nearly a 1.6% dip in its share price. Its market price dropped from $242 to $238 billion. It lost nearly $4 billion based on Marca reports.
Cristiano Ronaldo was never a fan of carbonated drinks
Back in the past, Cristiano Ronaldo spoke against carbonated soft drinks in an interview. He said “occasionally my son drinks Coca-Cola or Fanta and eats chocolate and he knows I don’t like that”
Cristiano Ronaldo is very well known for his extraordinary physique. He is very mindful about what he eats and drinks. As a sports star, he’s always in a great physique that comes with a lot of determination and hard work. So it’s safe to say that Ronaldo was never a fan of carbonated drinks. That you can clearly observe from his recent actions.
The odd thing about this is, Coca-Cola is one of the sponsors for the Euro Cup
The odd thing about this situation is Coca-Cola is the official non-alcoholic sponsor for the Euro Cup. Coca-Cola signed a sponsorship deal with organizers UEFA in 2019. This offers the global beverage giant an opportunity to showcase its brand to the public during the European football championship.
Addressing this issue Coca-Cola released a statement “Players are offered water, alongside Coca-Cola. Everyone is entitled to their drink preferences and everyone has their own tastes and needs.
However, this could not help the Coca-Cola market value. After the incident, Coca-Cola’s market value has dropped nearly 4 billion dollars. Coca-Cola made a neutral statement about this. If we look at the facts, Coca-Cola spends about $4 billion on marketing annually. Unfortunately, this sports star’s subtle gesture cost the company’s market budget equivalent for the entire year.
This situation proves the level of influence Cristiano has
Cristiano Ronaldo is one of the greatest soccer players of his generation. He is the first athlete to hit 500 million followers on social media. Meanwhile, he has nearly 263 million followers on Instagram. It is more than enough to say that his opinion matters. Cristiano removing Coca-Cola bottles from the framed news went viral on social media.
All these factors had played their part in wiping out $4billion from the Coca-Cola market value within just 24 hours. Recently we have already witnessed Elon Musk’s influence on Bitcoin price.
Elon Musk’s recent tweets for a couple of months have taken the Bitcoin market value through a roller coaster ride. And it has received heavy criticism from several social media users and investors. Let’s see whether Coca-Cola’s share price backs up again or not moving forward.
