Anheuser-Busch has lost more than $6 billion in market value in the days following its promotional partnership with transgender social media celebrity Dylan Mulvaney, with its shares falling amid a nationwide backlash against Bud Light.
Shares of Anheuser-Busch Inbev have dropped nearly five percent after Dylan Mulvaney announced the Bud Light deal at the beginning of the month, wiping out $6.65 billion of the company’s market capitalization.
Dylan Mulvaney — who was born a male but now claims to be a woman — is the latest spokesperson for Bud Light, which has honored Mulvaney with a limited release can with his face on it. In recent social media videos, Mulvaney has promoted the brand by cavorting in a bubble bath and talking about March Madness.
“This month I celebrated my day 365 of womanhood and Bud Light sent me possibly the best gift ever — a can with my face on it,” Mulvaney said in announcing the deal.
The partnership has initiated a nationwide retaliation against the beer brand, with sales taking a substantial hit across several states.
As Breitbart News reported, bars across the country are seeing customers avoid the brand. In one Missouri bar, sales of Bud Light and other Anheuser-Busch beverages have reportedly fell by roughly 40 percent. A bar in New York’s Hell’s Kitchen neighborhood — which has a high population of gays — reportedly saw Bud Light sales drop 70 percent.
Another account found Anheuser-Busch distributors across America’s heartland and the South are being “spooked” by public reaction to the Dylan Mulvaney campaign.
Bud Light vice president of marketing Alissa Heinerscheid explained in a video that “Bud Light had been kind of a brand of fratty, kind of out-of-touch humor, and it was really important that we had another approach.”
“In Bud Light’s effort to be inclusive, they excluded almost everybody else, including their traditional audience,” said Jeff Fitter, the owner of Case & Bucks, a bar in Barnhart, Missouri. His sales of Bud Light — and other beers owned by the Dutch company, Anheuser-Busch — dropped by roughly 40 percent, he told FoxBusinessNews.com.
“It could be a tempest in a teapot … [but] this is probably the biggest controversy we’ve seen in a long time.,” Harry Schuhmacher, the publisher of Beer Business Daily, told News Business News.
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