Coca-Cola’s share price, on Thursday, April 28, 2022, dropped. This development follows a tweet from billionaire Elon Musk, who hinted at buying the firm.
After buying a micro-blogging site Twitter for a jaw-dropping fee of $44 billion, Musk is now aiming to buy Coca-Cola, but primarily to put cocaine in its products.
Emboldened by his successful purchase of Twitter, Musk, who concluded the purchase of the firm on Monday, April 25, said Coca-Cola is next in line for him.
“Next I’m buying Coca-Cola to put the cocaine back in.” Musk wrote on the microblogging site. His comment was trailed by mixed reactions from his followers, with some condemning the plan and others praising the intention.
Musk made his intention known on Twitter on Thursday, stating that after buying Coca-Cola, he would reintroduce cocaine to the drink, after the substance was removed from the formula completely in 1929.
The creator of Coca-Cola, John Pemberton, a pharmacist, had used cocaine as an ingredient for the drink invented in 1885, but following the United States government outlawing the substance, the company excluded it to meet the law.
It was gathered that the Coca in the brand name was obtained from Cocaine, while the Cola was drawn from kola nut, and Musk intends to take Coca-Cola back to its early years,
However, following the tweet, Coca-Cola’s share price declined by 0.56% from $65 per unit to $65.56.
BizWatch Nigeria understands that Musk is worth $240.3 billion, but if he is to acquire Coca-Cola, the richest man in the world would have to spend more than his net worth, as the firm’s market capitalisation is $284.20 billion.
