Coca-Cola’s market value abruptly plunged by about $4 billion on Monday, after soccer superstar Cristiano Ronaldo snubbed the Euro 2020 sponsor during a press conference at the tournament.

Pushing two Coke bottles away from his spot at a table before taking questions in Budapest, Ronaldo then held up a bottle of water and touted it as the better alternative. “Beba agua!” he said in Portuguese. “Drink water!”

Coca-Cola’s stock price dipped by 1.6 per cent almost immediately after the gesture, dropping its overall market value to $238 billion from $242 billion (all U.S. dollars).
The stock opened at $56.16 on Monday before dropping to $55.26. It was still hovering around $55.22 on Wednesday morning.

It’s unclear if other factors may have contributed to Coke’s sudden slide, but the dip followed an obvious public snub by one of the most recognizable athletes in the world.

Coca-Cola responded to the snub by saying that “everyone is entitled to their drink preferences,” and that each person has different “tastes and needs.”

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