Coca-Cola loses billions in market-cap after Ronaldo says 'drink water'

Last updated on Jun 16, 2021, 12:38 pm
Coca-Cola loses billions in market-cap after Ronaldo says 'drink water'
Coca-Cola loses billions in market-cap after Ronaldo says 'drink water' at press conference

The removal of two Coca-Cola bottles by Portugal star Cristiano Ronaldo before a press conference at the Euro 2020 has resulted in a $4 billion fall in the market capitalization of the beverage giant. Ronaldo even encouraged people to drink water instead. This happened before Portugal's match against Hungary. Notably, CR7 scored twice in the match to become the highest goal-scorer in Euros.


The share price of Coca-Cola drops

As per a report in The Guardian, Coca-Cola's share price dropped from $56.10 to $55.22 (a 1.6 percent dip) immediately after Ronaldo's gesture. The market value of Coca-Cola plunged from $242 billion to $238 billion (a drop of $4 billion).


Coca-Cola reacts after the incident

Coca-Cola, one of the official sponsors of Euro 2020, replied on Tuesday with a statement that read, "everyone is entitled to their drink preferences with different tastes and needs." Speaking on the same, a spokesperson of the tournament said, "Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences."


Ronaldo has focused on his fitness over the years

Ronaldo remains one of the finest and fittest players in the history of football. Time and again, the 36-year-old has highlighted the importance of following a strict diet, which keeps him in shape. Although Coca-Cola is one of the sponsors of Euro 2020, Ronaldo didn't shy away from moving aside the bottles, as he urged everyone to "drink water" instead.

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Here's how the incident transpired


A look at the feats attained by Ronaldo

Ronaldo has become the all-time top-scorer at the Euros, having surpassed the previous record-holder Michel Platini (9). Ronaldo has now raced to 106 career goals for Portugal. He is now three short of equaling former Iran legend Ali Daei for the most international goals (109). The former has become the first player to appear at five Euro final tournaments.


Euro 2020: Ronaldo scored a brace as Portugal beat Hungary

Ronaldo scripted plenty of records as defending champions Portugal beat Hungary 3-0 in their UEFA Euro 2020 opener. They commenced their campaign with a brilliant win. Ronaldo scored two goals for his side, including a penalty. Notably, all three Portugal goals came after the 80th minute as Hungary's resistance ended. Portugal now lead the Group F, which also includes France and Germany.

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