Cristiano Ronaldo’s movement 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 sank 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.
As of Thursday, Coca-Cola’s stock rate was trading even lower to close at $54.95, earning its total market value down by $5.1 billion to $236.9 billion from $242 billion.
“Agua!” the soccer superstar shouted. 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.”
Ronaldo may have started a trend because French soccer player Paul Pogba mirrored the same gesture with a Heineken beer 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.