Did Cristiano Ronaldo Cost Coca-Cola $4 Billion in One Day?
The Italian Juventus striker removed two bottles of Coca-Cola from his table and exchanged them for water during a conference at the 2020 Euro Cup.
This Tuesday, the shares of The Coca-Cola Company registered a loss of 1.6%, going from a price of $56.10 to $55.22. In this way, the value of the soft drink company lost 4 billion dollars in 24 hours.
This drop from $242 billion to $238 billion coincided with a gesture by Portuguese footballer Cristiano Ronaldo, who, during a press conference at the UEFA Euro 2020 Cup, removed two bottles of Coca-Cola from his table and exchanged them for water.
The Spanish sports portal Marca linked CR7's call to "drink more water" to the fall in Coca-Cola shares. However, this price cut began to take place half an hour before the statement of the Portuguese star and his video went viral on TikTok.
It should be noted that, although Ronaldo's move could deepen the fall, this Tuesday was also the company's ex-dividend date. As Investopedia explains, last Friday, June 11, was the deadline day when the purchase of a security guaranteed the payment of next dividends, and a decrease in the value of the shares under these conditions is normal.
The Coca-Cola Company shares have already partially recovered and reached the price of $55.42 at the close of trading on Tuesday.