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.