Ronaldo "DIDN'T" Cause the Coca-Cola Crash

Cristiano Ronaldo, the richest and most famous athlete in the world, removed 2 Coca-Cola bottles from his desk in a press conference on 14th June.

As reported by very reputed news agencies, this move allegedly caused Coke's stock to dip from$56.16 to $55.55 over the day, resulting in a $4B erosion in its market cap. But were these 2 events linked or what this a simple case of correlation but not causation? A little inspection proves it to be the latter Ronaldo's press conference and the bottle removal happened at 3:45 pm Central European Time, which is 9:45 am in New York, where the stock is traded. The Interesting thing is that at 9:45, the stock had already fallen to $55.25 from the previous day close of $56.16. COke had already lost $4B before Ronaldo even started. In fact, the stock actually rose after the press conference. from $55.25 to $55.55 at the day close.   This added $1.35B in valuation to the company. Another important fact is that Coca-Cola distributed its dividends on 14th June, and stock generally falls after the dividend payout, as is evident from the 1-week chart.  In a world where tweets can influence crypto prices, it's easy to believe that the same could happen for established stocks. But always believe in hard facts, not cherry-picked news.

**Check out my other blog posts too...** https://www.publish0x.com/curiositytheorem/real-reason-behind-bitcoins-fall-its-not-musk-xqmokzm?a=8mepQ7r1aM https://www.publish0x.com/curiositytheorem/top-7-weirdest-websites-xyyvkmd?a=8mepQ7r1aM {images are taken from google}