Ronaldo's Water Bottle Snub Costs Coca-Cola $4 Billion

In June 2021, Cristiano Ronaldo sparked a global sensation when he ditched two bottles of Coca-Cola at a Euro 2020 press conference. Instead, he picked up a bottle of water and said 'Água!' (water). This simple gesture made headlines worldwide as people discussed Ronaldo's preference for drinking water.

Following this incident, Coca-Cola's share price dropped by 1.6 percent. The company's market capitalization fell from approximately $242 billion to $238 billion. As a result, the media linked Ronaldo's action to Coca-Cola losing $4 billion in market value within a few hours.

However, experts noted that it is not accurate to attribute this decline solely to Ronaldo's action. Other market factors also influence share prices.