Coca-Cola stock was down ahead of Cristiano Ronaldo's move
At a press conference on Monday, CR7 ostensibly dismissed two bottles of Coca-Cola, a move that many media have linked to a drop in the value of the multinational's share
"Water," Cristiano Ronaldo told reporters following the pre-match press conference in Budapest on Monday. Pushing aside two bottles of Coca-Cola placed in front of him as he settles down to answer questions from the press, the Portuguese forward chooses to leave only one bottle of water in front of him.
A trivial gesture, but one that caught the attention of the press. Many titles then linked it to a drop in Coca-Cola shares, calculating that the drop in price would have represented a loss of $ 4 billion for the multinational. Coca-Cola is one of the sponsors of Euro 2021.
With the time difference, the New York Stock Exchange opened on Monday a few minutes before the start of Cristiano Ronaldo's press conference. At the opening, the value of the Coca-Cola share was already down from its value when the market closed on Friday evening.
In the ten minutes that follow, before CR7 makes known its fondness for water, the stock continues to fall, as shown in this chart of the American channel CNBC, but its price remains higher than that recorded on average in May.
Could the footballer's gesture still influence the course of the Coca-Cola share during the day on Monday? "Stock prices are volatile," Catherine Lubochinsky, economist and professor at Paris 2, reminds 20 Minutes. If this gesture occurs in a context where the action is not doing well, it may accentuate the trend, but not trigger it. "
It is also difficult to imagine the main shareholders of this multinational, investment funds, immediately giving the order for resale because of this gesture, adds the specialist.
In its portfolio, the Coca-Cola group owns several brands of bottled water. The label of the one placed in front of Cristiano Ronaldo is not visible. Maybe it was a brand of the beverage giant?
