An incident that caused an uproar in the sports as well as the entertainment industry was the recent snub on Coca-Cola by Ronaldo on 14 June during a conference along with Portugal manager Fernando Santos on the eve of the Hungary match.
Ronaldo wasn’t pleased with the Coca-Cola bottles on table as he arrived to attend the press conference with Fernando Santos. He then put the Coke bottles aside and picked up a water bottle saying ‘Agua’, asking people to drink water over soft drinks. Even though Ronaldo’s move was to promote a healthier lifestyle, this didn’t please Coca-Cola as the company is an official sponsor of Euro 2020. This however coincided with the brand’s falling stock prices and the netizens were led to believe that Ronaldo’s sunb was the reason behind it.
However, few days after the incident, facts were starting to come up and it is now a fact that Ronaldo’s move didn’t hurt the brand’s stock prices, rather the brand lost $4 Billion even before Ronaldo started and on the contrary Ronaldo’s move actually added $1.3 Billion to the brand’s value. In a period where a tweet can influence crypto prices, it is not hard to believe that some random moves can hurt a brand’s value and one must keep an eye out for facts as not everything that moves on the internet is true.