According to Reports published by the Washington Post, The soft drinks giant’s market value fell $4 billion, after Ronaldo said “Água,” in Portuguese, picking up a bottle of water and seemingly encouraging others to do the same. “No Coca-Cola.”

The simple gesture had a swift and dramatic impact on Coca-Cola highlighting the power and impact that celebrities and influencers can have on the market.

The 36-year-old Juventus star, who has almost 300 million followers on his personal Instagram account, is known for maintaining strict physical and eating regimens and has previously criticized the consumption of soft drinks. He admitted during an event that he was furious at his sons when he caught them drinking Coca Cola or Fanta.

The company’s share price dropped from $56.10 to $55.22 quickly after Ronaldo’s slight, marking a 1.6 percent fall. The market value of Coca-Cola went from $242 billion to $238 billion, according to Nasdaq index and the New York Stock Exchange.

The soft-drink manufacturer’s shares continued to slide on Wednesday, falling by 1.34 percent to $54.67.

The Union of European Football Associations (UEFA), intervened by,issued a brief a statement noting that players are offered water, Coca-Cola and Coca-Cola Zero Sugar at press conferences and that they “can choose their preferred beverage.”

“Coca-Cola offers a range of drinks to suit different tastes and needs, which are available to players throughout the tournament,” the statement added.

A spokesperson for Coca-Cola, an official sponsor of Euro 2020, said in an email sent to The Washington Post that the company “did not have anything further to add,” to the UEFA statement.

His disapproval was praised by American football star Tom Brady, who has credited his strict diet with his long and successful career.

Ronaldo went on to set the record for most career goals at the European Championship with 11, after scoring twice in Portugal’s 3-0 victory over Hungary on Tuesday.