Cristiano Ronaldo's one gesture wipes $4 bn off Coca cola's market value

Coca-Cola, the Euro 2020 sponsor lost a whopping $4 billion in its market value on Tuesday, June 15 as star footballer Cristiano Ronaldo moved the two glass bottles of Coca-Cola during a press conference and held up a bottle of water.

Ronaldo, who is a known fitness enthusiast, during the press conference after the UEFA Euro 2020 match against Hungary , can be seen sliding the Coca-Cola bottles aside, taking the brand’s name before picking up a bottle of water and saying “Agua.”

The short video clip of the incident surfaced on the internet.

According to IANS report quoting Spanish newspaper Marca, this led to Cola’s shares taking a dive, leaving the company with billions of dollars in losses.

In a statement, Coca-Cola which is one of the official sponsors of Euro 2020 said, “Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences.” The spokesperson further said that people have different tastes and needs.

Coca-Cola’s share price dropped to $55.22 from $56.10. The market value of the brand saw a dip of $4 billion from $242 billion to $238 billion.