International

How Coca Cola’s $ 4 Billion Were Wiped Out Because of Christiano Ronaldo

According to the Australian Associated Press, the market value of Coca Cola has dropped from $242 billion to $238 billion due to the fall in shares.

 

You might have heard about Elon Musk’s one tweet causing fluctuation in Bitcoin prices. His tweet led to Dogecoin prices surging while another of his tweet led to Bitcoin prices crashing down. So much so, that there have been petitions to stop Musk from tweeting about Bitcoin. This is an example of how popular personalities influence the market.

In a similar incident today, Portugal’s football team captain Cristiano Ronaldo’s action led to Coca Cola losing $4 Billion. Ronaldo, who sat down to address a press conference had two bottles of the soft drink and a bottle of water in front of him. He picked up then put aside two bottles of Coca Cola and held a water bottle in his hand. This was perceived as Ronaldo rejecting the soft drink over health and fitness concerns. As the video went viral, within few hours it reflected in the stock market. The company lost $ 4 billion (Rs 29.34 thousand crores), as share prices fell.

The market value of the company also decreased due to the fall in the shares.
According to the Australian Associated Press, Coca Cola’s market value has dropped from $242 billion to $238 billion due to the fall in shares. Notably, Coca-Cola is the official sponsor of the UEFA Euro Cup being played in 11 countries.

Ronaldo, 36, is known for his disciplined diet. He stays away from any kind of cold drinks and aerated drinks to stay fit. There are many athletes in the world including the Indian cricket team captain Virat Kohli, who are fans of Ronaldo’s fitness diet.

The Portugal team has been placed in Group-F ie Group of Death this year. Germany, France and Hungary are in the group along with Portugal. France is the FIFA World Cup champion. At the same time, Germany is a 3-time Euro champion. Portugal defeated France in the final of the 2016 Euro Cup and became the champion of Europe for the first time.

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