Coca-Cola shares drop $5 billion after Cristiano Ronaldo's gesture to drink water

Asha C. Gilbert, USA TODAY
·1 min read

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.

As of Thursday, Coca-Cola’s stock price was trading even lower to close at $54.95, bringing its total market value down by $5.1 billion to $236.9 billion from $242 billion.

“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."

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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.

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Follow reporter Asha Gilbert @Coastalasha. Email: agilbert@usatoday.com.

This article originally appeared on USA TODAY: Coca-Cola shares drop after Cristiano Ronaldo moves Coke bottles

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