The soccer superstar Cristiano Ronaldo’s gesture at a Euro 2020 press conference on Monday wiped $4 billion off Coca-Cola’s market value.
Ronaldo, sat beside Portugal manager Fernando Santos ahead of his team’s match against Hungary, irritably set aside two bottles of Coke, then picked up a bottle of water and said, “Água!” – the Portuguese word for water.
Coca-Cola’s shares, which had opened at about $56.17, had fallen by 1.6%, to $55.22, by the end of the press conference. Its market value dropped by $4 billion, to $238 billion from $242 billion. The soft-drink manufacturer’s shares continued to slide on Tuesday, falling by 0.3%.
The stock price of one of the largest bottlers of the drink, Coca-Cola Bottling, fell by 4% on Monday. It’s down by 8% in the past week.
Coca-Cola, an official sponsor of the UEFA Euro 2020 tournament, reportedly said in a statement that “everyone is entitled to their drink preferences” and has differing “tastes and needs.”
A Euro 2020 spokesperson said: “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conference.”
Ronaldo has previously expressed disapproval of Coca-Cola and other unhealthy foods and beverages. His fitness routine is said to involve eating six meals and taking five naps in a typical day.
He has said he gets irritated with his son Cristiano Jr., who likes to drink the soda.