During a Euro 2020 press conference on Monday, Cristiano Ronaldo purposefully moved two strategically placed Coca-Cola bottles out of view. He then picked up a water bottle and set it down in the middle of the desk while proclaiming in Portuguese, “Água.” By the end of the press conference, shares of Coca-Cola had plunged 1.6% to $55.22, resulting in a $4 billion loss in value for the beverage giant.
While some chose to dismiss it as mere coincidence, Coca-Cola’s drop in share price was in stark contrast to the rest of the S&P 500, which rose 0.4% on Monday. Within the media world, Ronaldo’s public rebuke of Coca-Cola was widely considered a contributing factor to the dip in the company’s stock price, and by Thursday’s end its shares had further dropped to $54.95.
A day later . . .