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 her face 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 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 a widespread backlash on social media while beer distributors are concerned.
Anheuser-Busch did not immediately respond to a request for comment about its stock. The company had previously stood by the decision. “Anheuser-Busch works with hundreds of influencers across our brands as one of many ways to authentically connect with audiences across various demographics.
From time to time we produce unique commemorative cans for fans and for brand influencers, like Dylan Mulvaney. This commemorative can was a gift to celebrate a personal milestone and is not for sale to the general public,” an Anheuser-Busch spokesperson told Fox News.
