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Coca-Cola's market value drops $4 billion after Ronaldo's snub

·1 min read

During a Euro 2020 press conference on Monday, soccer superstar Cristiano Ronaldo irritably moved two bottles of Coca-Cola, one of the official sponsors of the event, and then picked up a bottle of water.

"Água!" he exclaimed in Portuguese, setting the bottle down in the center of his desk.

"Water!": Portuguese soccer superstar Cristiano Ronaldo removed two bottles of Coca-Cola, which sponsors the Euro tournament, away from him as he entered a news conference on Monday before holding up a bottle of water to the media. pic.twitter.com/mfh8GDhseF

— CBS News (@CBSNews) June 15, 2021

By the end of the press conference for the European Championship, Coca-Cola's shares had dropped 1.6%, to $55.22 from $56.17. That lopped $4 billion off the beverage behemoth's market value, with the shares sinking another 0.6% on Tuesday to $55.08.

Coca-Cola's decline was in sharp contrast to the rest of the S&P 500, which rose 0.4% on Monday. Overall, the stock index has risen 13% this year, while Coca-Cola shares are up 0.5%.

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