The backlash to Anheuser-Busch over a Bud Light promo featuring trans activist Dylan Mulvaney has been swift.
Consumers are vowing not to buy their products, merchandisers are panicked over sales, and now the company’s stock is falling.
Could this be the worst marketing decision since New Coke?
Newsweek reports:
Anheuser-Busch Stock Drops Amid Bud Light Dylan Mulvaney Controversy
Stock for Anheuser-Busch InBev took a slight dip on Monday in the wake of continuing backlash over news that one of the brewing company’s brands has a partnership with transgender influencer and activist Dylan Mulvaney.
Mulvaney—who uses she/they pronouns—posted on Instagram last week that Bud Light had sent her commemorative cans of beer that featured an image of her face to mark the one-year anniversary of her gender transition. Following her announcement, right-wing musician Kid Rock posted a video on social media of himself shooting Bud Light cans for target practice, and country star Travis Tritt announced he would no longer sell Budweiser at his concerts.
TheStreet, a financial news website, reported that stock for Anheuser-Busch InBev was lower by 3 percent on Monday. However, the outlet also reported that the drop comes following “a 10-day win streak, which vaulted Anheuser-Busch stock to 52-week highs.”
TheStreet further noted that even with the controversy regarding Mulvaney, Anheuser-Busch continues to come out ahead of competitors like Molson Coors and Boston Beer on the stock market. At the time of publication, Anheuser-Busch shares were sitting at $64.99 on the New York Stock Exchange (NYSE).
Conservatives are not letting this go.
On March 31, Anheuser Busch had a $132.38 billion market cap
As of today, it’s now $128.4 billion
You know what that means?
The Woke Bud Light campaign has already shaved off nearly **$4 BILLION** in company value
Don’t let Dems lie to you – Conservative Boycotts WORK pic.twitter.com/xLGbs6F1MV
— DC_Draino (@DC_Draino) April 10, 2023
Anheuser-Busch’s stock price over the past week… #GoWokeGoBroke pic.twitter.com/kSTwBExeeQ
— Chief Nerd (@TheChiefNerd) April 10, 2023
Take a look at this:
THOUSANDS OF CASES OF ANHEUSER-BUSCH WAS STEAMROLLED!!! pic.twitter.com/riUpinE5Zu
— Graham Allen (@GrahamAllen_1) April 11, 2023
Anheuser-Busch is going to regret this decision.