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

Coca-Cola's market value dropped by $4 billion, from $242 billion to $238 billion after soccer superstar Cristiano Ronaldo's gesture in a press conference of rejecting the carbonated drink in favor of water.

The drop in value was a result of Coca-Cola's share price dropping from $56.10 to $55.22 "almost immediately."

During the press conference, where the 36-year-old Ronaldo talked about his Portugal side's chances in their Euro 2020 opening match, he moved out of the view of the cameras the two bottles of Coca-Cola in front of him.

He then raised a bottle of water saying "agua."

Ronaldo has long been known for his strict diet and ultra-healthy lifestyle.

Players were offered either Coca-Cola, Coca-Cola Zero Sugar, or water before each press conference. But everyone was "entitled to their drink preferences," said a Euro 2020 spokesperson.

UK-based organization Obesity Health Alliance praised Ronaldo for his anti-soda crusade, saying it's great to see a role model reject Coca-Cola for water and set a positive example for young fans.

The organization also lauded Ronaldo for showing his disdain for a marketing attempt to link him to Coca-Cola, one of the sponsors of Euro 2020.

Ronaldo eventually scored twice in Portugal's opening round win against Hungary, thereby becoming the top scorer in European Championship history.