Cristiano Ronaldo's Coca-Cola snub at Euro 2020 wipes billions off soft drink company's market value

[Eugene]

Source: ABC (Australia)

Cristiano Ronaldo's Coca-Cola snub at Euro 2020 wipes billions off soft drink company's market value

Posted 1h ago, updated 1h ago

Soccer superstar Cristiano Ronaldo's decision remove two Coca-Cola bottles from his Euro 2020 press conference table and drink water instead has wiped billions of dollars off the beverage company's value.

The company's stock price dropped from $US56.10 ($73) to $US55.22 ($71.86) almost immediately after the Portuguese superstar's perceived slight.

That's the equivalent of wiping $5.2 billion off the company's market value.

The drop stemmed from a press conference on Monday ahead of Portugal's Group F game against Hungary.

Upon taking a seat at the press conference table, Ronaldo took notice of two bottles of Coca-Cola — one of the official sponsors of Euro 2020.

-snip-

Read more: https://www.abc.net.au/news/2021-06-16/cristiano-ronaldo-coca-cola-coke-share-price-euro-2020/100220520

Link to tweet

[underpants]

1. I missed the press conference

I’m hoping no one got raped.

[sanatanadharma]

2. Thus proving that stock prices have nothing to do with value

Did Coca Cola suddenly become more costly to produce, have prices collapsed, did a competitor come along with a wildly better product?

No! One dude likes water and the stock market has a conniption.