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

USA TODAY logo USA TODAY 6/17/2021 Asha C. Gilbert, USA TODAY
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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.

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“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.” 

Cristiano Ronaldo et al. playing football on a field: Sweden's Gustav Svensson (13) tries to stop Portugal's Christiano Ronaldo during their UEFA Nations League Group stage soccer match at Friends Arena in Stockholm, Sweden, Tuesday Sept. 8, 2020. (Claudio Bresciani / TT via AP) © The Associated Press Sweden's Gustav Svensson (13) tries to stop Portugal's Christiano Ronaldo during their UEFA Nations League Group stage soccer match at Friends Arena in Stockholm, Sweden, Tuesday Sept. 8, 2020. (Claudio Bresciani / TT via AP)

Video: Coca-Cola Loses $4 Billion After Cristiano Ronaldo Appears To Encourage People To Drink Water Instead (Veuer)

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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 $5 billion after Cristiano Ronaldo's gesture to drink water

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