Cristiano Ronaldo’s gesture for people to drink water instead of Coke at a Euro 2020 press conference may have cost the soda company $4 billion in market value.
Coca-Cola shares dropped from $56.17 to $55.22 after Ronaldo moved two Coke bottles out of view and picked up a bottle of water before Portugal’s match against Hungary on Monday.
Market value for the company dropped from $242 billion to $238 billion – a $4 billion plunge.
“Aqua!” the soccer superstar exclaimed. Aqua means water in Portuguese.
Coca-Cola is one of the sponsors for the UEFA EURO 2020 tournament and a statement from the company reviewed by the Guardian said, “everyone is entitled to their drink preferences.”
A Euro 2020 spokesperson reportedly said, “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conference.”
Ronaldo may have started a trend, because French soccer player Paul Pogba mirrored the same gesture with a Heineken bottle following a match with Germany on Tuesday.
Ronaldo is well known for his impressive physique and told goal.com that to keep his body in good shape, he avoids alcohol and carbonated drinks.
Coca-Cola shares were up to $55.41 when the stock market closed on Tuesday.