Coca-Cola lose $4b after Cristiano Ronaldo's press conference stunt
What was what?
Cristiano Ronaldo moved two bottles of Coca-Cola away from the desk (and therefore away from the eye of the camera) in the pre-match [Euro 2020, Hungary v Portugal] press conference, telling journalists and cameras to "drink water", causing the brand's share price to go down from $56.10 (£39.80) to $55.22 (£39.19), resulting in a 1.6% drop in market value from $242bn to $238bn.
I found it a bit cringey, if I'm being honest, and I decided to go 'on the internet' to look at people's reactions. Most commenters on Instagram seemed to agree with the gesture and some pointed out that Ronaldo has 217m followers on Instagram while Coca-Cola 'only' has 2.7m. Then again Coca-Cola is worth $240b while Ronaldo is 'only' worth $500m.
I'm no fan of Coca-Cola but I think I'm siding with the company on this one. Was it pre-arranged? Did somebody buy the dip? And what was the point? Coca-Cola reportedly released a statement saying "everyone is entitled to their drink preferences" and that everyone has different "tastes and needs. Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences".
Laura Chouette on Unsplash
The point is Coca-Cola probably paid good money to place those two bottles on the table and I guess two things can be true at once: Ronaldo's 'outburst' cost them $4b... but there's no such thing as bad publicity.