Cristiano Ronaldo made waves in the Euros 2021 with a small, but significant, exit from the field of play.
And it may have cost Coca-Cola $ 4 billion.
What did Ronaldo do? It wasn’t much, but when he sat down for an interview session on Monday, the day before Portugal’s 3-0 win over Hungary, there were two bottles of Coca-Cola on display in front of him. Ronaldo chose to move the bottles and then said “Water”, before grabbing a bottle of water.
Unbelievably, that small move sent shares in The Coca-Cola Company into a small free fall. It was down 1.6 percent to $ 55.22 a share shortly after the gesture. ESPN reported the company’s market value fell from $ 242 billion to $ 238 billion. The company’s share price at the close of business on Wednesday was $ 54.67.
MORE: Updated tables, results, schedule for Euro 2021
That drop in value may only be temporary, but it’s surprising that Ronaldo’s play has had such an impact.
Coca-Cola is one of the main sponsors of the UEFA Euro 2020 tournament, but a spokesperson for the tournament defended Ronaldo, saying that everyone “you are entitled to your beverage preferences. “
Ronaldo was not the only player to advance a preset drink to his availability in the media. Frenchman Paul Pogba followed suit after France beat Germany 1-0 on Tuesday. The only difference was that he moved a Heineken bottle, which was placed in front of him.
Pogba is a practicing Muslim and does not drink alcohol, so that explains why he wanted his beer bottle taken away from him.
Unlike Coca-Cola, Heineken’s share price did not decline after Pogba’s move. Instead, it remained largely level before closing 0.3 percent higher Wednesday at $ 59.93 a share.