Anheuser-Busch inBev has seen a stock price decline of roughly 20 percent over the past two months, as sales of Bud Light continue to struggle following the beer brand’s one-can partnership with Dylan Mulvaney, a transgender influencer and activist.
Since March 31, the stock price for Anheuser-Busch inBev, the parent company of Bud Light, has fallen from $66.39 to $53.20 on Wednesday, May 31. According to Forbes, this price difference represents a stock price drop of 20 percent.
On April 1, Mulvaney posted a video on Instagram showcasing a customized Bud Light can that she received from the company to celebrate her transition to womanhood. Mulvaney had a popular video series on social media showcasing her transition, but the partnership with Bud Light sparked fury, criticism and calls to boycott the beer company by many conservative voices.
Musician Kid Rock posted a video of himself shooting several Bud Light cans in protest of the beer’s partnership, while model Bri Teresi posted a similar video and said, “I’m shooting at Honey Birdette lingerie, Tampax tampons & Budlight…These companies have all gone woke! Tampax tampons used a biological male to promote their tampons. Honey Birdette used a biological male to model their lingerie. & y’all know about Bud Light.”
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Shortly after the criticism, a spokesperson for Bud Light told Newsweek in a statement that the company “works with hundreds of influencers across our brands as one of many ways to authentically connect with audiences across various demographics.”
Bud Light CEO Brendan Whitworth also issued a statement on the controversy saying, “We never intended to be part of a discussion that divides people. We are in the business of bringing people together over a beer.”
Anheuser-Busch inBev CEO Michel Doukeris spoke to investors about the controversy and said that the company was planning to invest more money into Bud Light.
“This was the result of one can. It was not made for production or sale to general public. It was one post, not a formal campaign or advertisement,” Doukeris added.
In response to a drop in stock price, Bud Light has issued some new discounts for consumers including a $15 rebate prior to Memorial Day for purchasing a 15-count or larger pack of Bud Light or Budweiser.
A recent report from Beer Business Daily also found that one retailer had cut prices of Bud Light to equal around 14 cents per can.
In addition to Bud Light, other companies such as Target, Kohl’s and The North Face have also faced similar boycotts for LGBTQ+-related items being sold for the 2023 Pride Season.
Newsweek reached out to Anheuser-Busch via email for comment.