Coca-Cola lost $4 billion in market value after soccer star Cristiano Ronaldo suggested people drink water instead
(markets.businessinsider.com)
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I thought it would have been any of the numerous PR disasters they’ve had.
But apparently they’re blaming a professional athletes preference for water.
Looking at the trading chart provided in the article it’s a little hard to refute. I view it as investors collectively reacting like “Oh, shit! Cat’s out of the bag and the backlash is going mainstream.”