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.
“Agua!” the soccer superstar exclaimed. Agua 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.”
