Ronaldo’s Gesture Costs Coke $4 billion
Ronaldo’s Snub Wipes Billions
Cristiano Ronaldo’s decision to ditch Coca-Cola in favor of water for a pre-match press conference led the stock price of Coke to drop 1.6%.
Endorsement Goes Wrong
The Portuguese football star appeared for the press meet and there were two Coca-Cola bottles placed with Euro 2020 branding on his desk.
The Act That Left A Dent
Ronaldo then kept the Coca-Cola bottles aside and waved a bottle of water saying "agua" to encourage people to choose water instead.
Story Behind The Act
The 36 year-old football player is quite health conscious and avoids sugary food and carbonated beverages to maintain his fitness levels. .
Ronaldo is a sports colossus, with 300 mn Instagram followers, so his small gesture led Coca-Cola’s worth to drop from $242 billion to $238 billion.
After this act, Coca-Cola issued a statement saying "everyone is entitled to their drink preferences" reflecting different "tastes and needs".
Riding The Wave
Seeing the buzz, brands like Amul and Fevicol took advantage of the incident and ran witty social media advertisements.
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