Coca-Cola loses billions from its market value after Cristiano Ronaldo's act, company responds

Star footballer Cristiano Ronaldo's advent for 'Drink water' after removing the two Coca-Cola bottles kept in front of me in the press conference before his side Portugal's game against Hungary in the ongoing Euro 2020 has wiped billion dollars from the brand's market valuation.

Anything he does, it was bound to have implications and since it was done publicly and so openly that the beverage company lost a whopping USD 4 billion from their brand value.

Ronaldo had arrived in the presser along with the manager Fernando Santos and as soon as he spotted the two bottles in front of him, he immediately got them out of sight and suggested everyone to drink water instead.

The reports suggested that such a piece of advice resulted in Coca-Cola's share price dropping from $56.10 to $55.22, taking a 1.6% dip, which saw the market value of the brand dipping from $242bn to $238bn (a drop of $4bn).

Coca-Cola in a statement after Ronaldo's act said, "Everyone is entitled to their drink preferences” as people have different “tastes and needs”.

Euro 2020 spokesperson too shared his views on the same saying, "Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences.”