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Coca-Cola market value drops by $4b after Cristiano Ronaldo snubbed the drink for water

During a Euro 2020 press conference on Monday, soccer superstar Cristiano Ronaldo irritably moved two bottles of Coca-Cola, one of the official sponsors of the event, and then picked up a bottle of water.

“Água!” he exclaimed in Portuguese, setting the bottle down in the center of his desk, suggesting people should take water instead.

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Coca Cola is now feeling the effect of star power after its market value dropped by as much as $4 billion following a memorable moment this week in which soccer superstar Cristiano Ronaldo held up a bottle of water instead of Coca-Cola.

By the end of the press conference for the European Championship, Coca-Cola’s shares had dropped 1.6%, to $55.22 from $56.17. That lopped $4 billion off the beverage behemoth’s market value, with the shares sinking another 0.6% on Tuesday to $55.08.

Coca-Cola market value drops by $4b after Cristiano Ronaldo snubbed the drink for water during press conference

As at Thursday morning, June 17, Coca-Cola’s value is now worth $238 billion. It was previously valued at $242 billion, before shares of the company dropped this week.

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“Players are offered water, alongside Coca-Cola and Coca-Cola Zero Sugar, on arrival at our press conferences,” a representative for Euro 2020 said when asked by The Guardian if players are contracted to drink Coca-Cola.

Ronaldo has said in the past he doesn’t smoke, drink alcohol or soda.

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