$4 billion wiped from Coke's marketcap as football superstar Ronaldo endorsed water over Coca-Cola. Cristiano Ronaldo picked up two glass bottles of Coca-Cola, mutters the company's name and set them aside before holding up a bottle of water saying Agua" (water) in Portuguese . The video of the whole episode was shared widely on social media.
This single gesture led to the sudden drop in Coca-Cola share prices. Coca-Cola also decided to put in a statement after Ronaldo's act, saying: “everyone is entitled to their drink preferences” as people have different “tastes and needs. ” Coca-Cola is one of the official sponsors of Euro 2020.