Cristiano Ronaldo Snubs Coke, With Big Ramification

Coca Cola's market value fell $4B after soccer star touted water
By Arden Dier,  Newser Staff
Posted Jun 16, 2021 8:19 AM CDT

When Cristiano Ronaldo sat down at a press conference at the UEFA European Championship in Budapest on Monday, he immediately took notice of two Coke bottles that had been placed in front of him. The Portugal soccer captain swiftly moved them to the side, out of view of cameras. "Water!" he pronounced in Portuguese, holding up his own disposable water bottle. That move, which took a little more than 10 seconds, is now credited with causing a $4 billion drop in Coca Cola's market value, down to $238 billion. Per the Guardian, Coke's share price fell 1.6% "almost immediately after Ronaldo's gesture." The 36-year-old soccer star certainly has some pull among consumers. He's one of the most famous and admired athletes in the world, with almost 300 million followers on Instagram.

The 36-year-old—who scored twice in Portugal's 3-0 win over Hungary on Tuesday, becoming the leading scorer in European Championship history with 11 goals total—is also a "renowned health fanatic," per the Guardian. In a statement, Coke, an official sponsor of the tournament, noted "everyone is entitled to their drink preferences" with different "tastes and needs." Meanwhile, a Euro 2020 spokesperson tried to rectify the damage, saying the tournament could not go on without the support of such brands. But France midfielder Paul Pogba followed Ronaldo's lead Tuesday, removing a non-alcoholic bottle of Heineken that was placed in front of him at a news conference in Munich following France's 1-0 win over Germany, per ESPN. Pogba, a practicing Muslim, was named "Man of the Match." (More Cristiano Ronaldo stories.)

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