Did Cristiano Ronaldo spill Coca-Cola shares? Maybe not

Portuguese talisman Cristiano Ronaldo during a press conference removed two Coca-Cola bottles from the view of the cameras and replaced them with a water bottle. Hours later, it was reported that Coca-Cola’s shares fell from $56.10 to $55.22, meaning a $4 billion hit to the company’s valuation. 

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However, a Forbes report claims that Cristiano Ronaldo’s gesture did not cause the drop in the soft-drink company’s shares. It adds that Coca-Cola’s share price rose by $0.30 after the press conference, adding $1.3 billion in valuation to the company.

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According to Forbes, the incident happened at 3:45 PM CET, which is 9:45 AM in New York, where the stock is traded. By that time, the share had already seen a fall. The report adds that Coca-Cola had distributed its dividends on June 14 and stocks generally fall after payout. 

The report concluded that Ronaldo had nothing to do with the $4 billion hit Coca-Cola took early on June 14. 

Soon after the press conference, Coca-Cola had responded saying that “everyone is entitled to their drink preferences with different tastes and needs.”

 “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences,” a Euros spokesperson also commented.