Coca-Cola market value down $4bn over Ronaldo move

This could be the wackiest business story in recent history, one that cost one of the world’s celebrated brands losing $4 billion in a matter of hours. Coca-Cola saw its share price drop by 1.6% to $55.22 soon after Cristiano Ronaldo moved two Coca-Cola bottles out of the camera’s frame during a news conference in Budapest on June 14 ahead of Portugal’s Group F opener against Hungary.

An advocate of a healthy diet, the Portugal captain moved the glass bottles out of the camera frame and instead held up a bottle of water and said in Portuguese: "Water!" The market value of Coca-Cola went from $242bn to $238bn -- a $4bn drop. Coca-Cola, an official sponsor of Euro 2020, responded in a statement that "everyone is entitled to their drink preferences" with different "tastes and needs." Coca-Cola company has 200 brands worldwide, including different types of water.