PropertyValue
?:author
?:datePublished
  • 2021-06-18 (xsd:date)
?:headline
  • Did Ronaldo's Coca-Cola Snub Cost the Company Billions? (en)
?:inLanguage
?:itemReviewed
?:mentions
?:reviewBody
  • On June 14, 2021, Portugal soccer star Cristiano Ronaldo sat down for a news conference to discuss his team's upcoming match against Hungary in the 2020 UEFA European Football Championship. Before Ronaldo took questions, he took the two Coca-Cola bottles that were left out for him, moved them out of frame to the side of the table, then held up a bottle of water and said, Agua. As this video went viral, a number of outlets reported that Ronaldo's Coca-Cola snub had cost the company billions of dollars. The exact cost of the snub varied from outlet to outlet, but the general claim was that it cost Coca-Cola between $4 and $5 billion. Here's an excerpt from The Guardian's report: While Coca-Cola's stock truly fell after this news conference, there was no indication that this drop was entirely (or even in part) caused by Ronaldo's preference for water. In fact, Coca-Cola's stock was already falling by the time that Ronaldo snubbed Coke products in favor of water. Coca-Cola's stock price closed on Friday, June 11, at $56.16. At 9:30 a.m. shortly after the market opened again on Monday, the company's stock had fallen to $55.35. Ronaldo's news conference hadn't even started by this time. After Ronaldo's news conference (held at 3:45 p.m. Central European Time (or 9:45 am CST according to Sportico), Coca-Cola's stock briefly rose and then dropped again. It's certainly possible that Ronaldo's endorsements (or disapproval) of Coke products could temporarily influence the stock market, but a few other facts should be noted. For one, while a $4 billion stock drop may sound like an absolutely devastating turn of events, this really isn't a major story for Coca-Cola. The company has seen a number of similar drops and rises over the last year, and those changes had nothing to do with Ronaldo. As of this writing, Coca-Cola's stock is up about 15% from where it was at this time last year: Furthermore, Coca-Cola's stock is not based purely on sales of their most well-known product, Coke. While Ronaldo may prefer water to soda, Coca-Cola has a large portfolio that includes a variety of products, including the water brand Dasani. (en)
?:reviewRating
rdf:type
?:url