Why did the Coca-Cola stock price take a dive during the Euros 2020?
Coca-Cola (NYSE: KO) (KO), the world’s largest soft drink company, had $5.2 billion wiped off its market value after Portuguese footballer Cristiano Ronaldo removed Coca-Cola bottles from his Euro 2020 presser.
Cristiano, known to be a health fanatic, single-handedly plummeted the share price of Coca-Cola by moving two Coke bottles out of shot, replacing them with a bottle filled with water before saying in Portuguese: “Agua!”, appearing to declare that people should instead choose the healthy option.
The company’s stock price dropped from $56.10 ($73) to $55.22 almost immediately after the superstar’s snub, a 1.6% dip.
In response, Coca-Cola, one of the official sponsors of Euro 2020, issued a statement that said “everyone is entitled to their drink preferences”, citing “different tastes and needs”.
A Euros spokesperson said, “players are offered water alongside Coca-Cola and Coca-Cola Zero Sugar on arrival at our press conferences”.
Cristiano Ronaldo, a pop culture giant, scored two goals in Portugal’s opening game against Hungary, three short of making him the top international scorer of all time.
Comments
Commenting on this article is only available to premium subscribers.
Join the conversation
You must Sign up or Log in to comment.