Celebrities, especially business barons, should be careful what they say. A classic case is that of Tesla founder Elon Musk, who has sent the value of the Bitcoin cryptocurrency into a tailspin with his countless tweets.
Last month, Musk plunged Bitcoin prices after announcing Tesla would no longer accept digital currency as a means of payment for its electric vehicles. The reason: high levels of carbon emissions from bitcoin mining.
Later, Musk sent out a cryptic tweet suggesting he broke up with Bitcoin, causing the price of the digital asset to drop by around 5%.
On Sunday, the cryptocurrency's value rose again, after saying the electric car brand will resume allowing Bitcoin transactions as miners verifying transactions use more renewable energy.
Now, the comments of another celebrity, this time from the sports area, have upset the fortunes of a world famous brand, causing it to suffer a loss of 4 billion dollars soon after.
CR7 and his comment on Coca Cola
The famous football genius Cristiano Ronaldo, winner of 5 golden balls and now under Juventus, has left the top management of the Coca Cola company (Coca Cola shares - ticker KO) with his mouth open with his remarks on the most famous drink in the world at a press conference during Euro 2020.
According to a recent report, a video shows that after sitting down for the press conference, the former Real Madrid superstar took two bottles of Coca Cola (sponsor of the competition) that had already been placed in front of him and said “Water. Coca Cola…"
So he put the two bottles aside and grabbed a bottle of water, telling people at home which of the drinks was the healthiest choice.
But what Ronaldo may not have realized is the huge financial impact he would have had on Coca Cola with his words.
At first glance, this gesture would seem harmless, but this small move had a huge impact on the American brand's fortunes. His shares were worth $ 56,1 at the time, but when Ronaldo and his Portugal boss Fernando Santos left their seats at the press conference, the shares were down to $ 55,2 each.
The 1,6% drop in the share price resulted in a loss of $ 4 billion in company value.
Ronaldo may have tried to take stock of good health by advocating drinking water, but in the meantime he has eliminated the fizz from the image of the much-loved drink.
And what do you think of his words? He certainly did well to point out which is the healthiest drink. But is it possible that every time a famous person opens his mouth, a company has to suffer losses? Is it fair that characters like him can influence people so much? Let us know what you think in the comments below.
