When Companies Lost Billions Because of Celebrities
Jun 21, 2021
These days celebrities and some brands are so popular that their actions have a direct impact on fans and followers. Even a little opposition, negative comment or gesture can have a huge impact. A recent example being Ronaldo removing the bottle of coca-cola and replacing it with water causing the drink brand a huge loss. Let's check out some other such incidences when a celebrity action impacted company's valuation
Cristiano Ronaldo’s Coca-Cola stunt at the Euro 2020 press conference cost the company $4 billion of its market value.
Elon Musk - Tesla Chief tweets about cryptocurrencies had a very significant impact on the cryptocurrency market. Bitcoin's valuation plunged below $45,000.
Kylie Jenner's tweet about not using Snapchat anymore cost the company about $1.3 billion on the stock market.
sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad.
— Kylie Jenner (@KylieJenner) February 21, 2018
Brylcreem sales decreased by 25% after David Beckham, who was hired for brand endorsements, shaved off his hair.
Business journalist Sucheta Dalal's tweet hinting at a 'scandal' involving possible rigging in favour of stock prices apparently resulted in a drop of 5-25% in Adani group of companies.
Another scandal hard to prove outside the black box of information available with SEBI tracking systems is the return of an operator of the past who is relentlessly rigging prices of one group. All through foreign entities! His speciality & that of a former FM. Nothing changes!
— Sucheta Dalal (@suchetadalal) June 12, 2021