Anheuser-Busch sheds nearly $5 billion in value since Bud Light’s Dylan Mulvaney pact sparked outrage
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Anheuser-Busch sheds nearly $5 billion in value since Bud Light’s Dylan Mulvaney pact sparked outrage
'This is probably the biggest controversy we've seen in a long time,' industry expert tells Fox News Digital
Beer juggernaut Anheuser-Busch has seen its value nosedive nearly $5 billion since Bud Light’s polarizing partnership with transgender activist Dylan Mulvaney.
According to the Dow Jones Market Data Group, Bud Light's parent company is down 4.7 percent and has lost about $4.56 billion in market cap since March 31.
The beer maker’s stock shed more than 1.5% on Wednesday alone. The stock was $66.73 per share on March 31 and closed at $63.38 on Wednesday.
An analysis on the matter was first published in the New York Post.
Mulvaney, a trans activist and social media influencer who gained prominence when given an opportunity to interview President Biden about LGBTQ issues in 2022, revealed earlier this month that the beer company sent packs of Bud Light with her face printed on the cans as part of an ad for the beer company’s March Madness contest and as a way to celebrate a full year of "girlhood."
Mulvaney said the cans were her "most prized possession" on Instagram with a post featuring "#budlightpartner." A video then featured Mulvaney in a bathtub drinking a Bud Light beer as part of the campaign, but the pact was met with significant criticism.
Anheuser-Busch stock plummeting comes as country music singer John Rich said he pulled cases of Bud Light from his Nashville, Tennessee, bar as part of a boycott against Anheuser-Busch; conservative rocker Kid Rock used several Bud Light cases for target practice in a viral video; and there has been widespread backlash on social media while beer distributors are concerned.