The Ronaldo effect: Euro 2020 Coca-Cola snub wipes billions off market value

Cristiano Ronaldo’s removal of two Coca-Cola bottles during a Euros related press conference has coincided with a $4bn fall in the share price of the drinks company.

During the conference, the captain of the Portugal team shunted two bottles of the fizzy drink away from him and out of shot of the watching cameras, and held up a bottle of water instead with a knowing smile.

And just like that, the company - which is one of the official sponsors of the competition - watched in horror as their share price fell from $56.10 to $55.22 almost immediately, a 1.6% dip. The market value of Coca-Cola went from $242bn to $238bn – a drop of $4bn.

Yikes.

A Euro 2020 spokesperson told the Guardian: “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences.” Everyone “is entitled to their drink preferences”.

They say that all publicity is good publicity and that advertising pays. But in this case, we bet Coca-Cola are thinking twice about their involvement with the Euros.

Ronaldo has previously shared his dislike for the popular drink.

The five-time Ballon d’Or winner spoke at Dubai’s Globe Soccer Awards in 2020, where he said: “We’ll see if my son will become a great footballer.

“Sometimes he drinks Coke and eats crisps and it irritates me, he knows that.”

However, some felt that Ronaldo was being hypocritical at Euro 2020, given he has previously worked with fast food chain KFC, which is owned by the same company (Yum! Brands) who also own Coca Cola rivals, PepsiCo.