Bud Light’s parent company has lost more than $6 billion in market capital since it announced its partnership with a polarizing transgender internet personality.
He unveiled the brand’s alliance with 26-year-old Dylan Mulvaney on April 2, and it’s since sparked outrage and calls for a boycott—and now it looks like it’s hitting Anheuser-Busch where it matters most: in the wallet.
In the days leading up to the announcement, shares of the Belgium-based brewer were trading around $66 — a high not seen since before the pandemic.
As the market closed Wednesday, shares of the beer giant were trading at roughly $63, which represented a drop of more than 5 percent in Anheuser-Busch’s total stock value — a concept better known as “market cap.”
Currently, at $125.73 billion, the company’s market capitalization six days ago is $132.38 billion as the brass continues to stick to its deal with Mulvaney — an outspoken activist with more than 10 million followers on social media.
Bud Light’s parent company has lost more than $6 billion in market value since it announced its partnership with the transgender influencer.
Unveiled on April 2, the brand’s alliance with 26-year-old Dylan Mulvaney has since sparked outrage and calls for a boycott — and now appears to be hitting Anheuser-Busch in the wallet.
The stark decline comes after Anheuser-Busch’s stock price enjoyed a brief rally in the latter half of March, which itself was a continuation of the steady, slow rise to the $80-per-barrel stock prices the company boasted of prior to March 2020.
On March 20th of this year, the shares were trading around $60 – a sign of resistance that they’ve been hovering around since January.
However, by March 31, its stock had risen to $66.73, a peak not seen in three years.
The shares have fizzled out since then — with the decline roughly coinciding today with the newly announced partnership between Mulvaney and top-selling beer brand Anheuser-Busch.
Also the best-selling beer to try and count, Bud Light kicked off their partnership with Mulvaney by sending the influencer — who began transitioning from male to female in 2021 — Custom cans featuring her face and pro-LGBTQ language, to celebrate being a woman for over a year.
The gift — promoted by the star in a series of joint posts — has since launched the confirmed partnership, which is further established by a later video featuring Mulvaney nude.
Appearing in front of her 11 million followers in a bathtub drinking a can of Bud Lite, Mulvaney almost single-handedly sparked a since-seen storm of backlash, during which many followers have sworn entirely to protest the partnership.
Detractors like Kid Rock — who filmed himself shooting several cases of best-selling beer in defiance — now accuse the brand of pandering to the progressive left.
Some have taken credit for Anheuser-Busch’s recent drop in value, while others have expressed disapproval of Mulaney being the new face of the brand on social media.
Amid the outcry, Bud Light’s parent company was forced to issue an official statement saying it supports Bad Light’s decision to work with Mulvaney, who ballooned into an Internet star with a series of videos documenting her transformation into a woman.
Mulvaney’s April 2 Instagram post involved her drinking a beer with her face printed on a can and lying in a bathtub knocking a bud
Anheuser-Busch defended the gift in a statement, saying “From time to time, we produce unique keepsake tins for fans and brand influencers, like Mulvaney. This keepsake can be a gift to celebrate a personal achievement rather than for sale.”
“Anheuser-Busch works with hundreds of influencers across our brands as one of several ways to authentically connect with audiences across diverse demographics,” the representative said in a statement shared with multiple outlets last week.
She added, “From time to time, we produce unique keepsake boxes for fans and brand influencers, such as Mulvaney. This keepsake can be a gift to celebrate a personal achievement and is not for sale to the general public.
Doubling them, however, only angered customers even more — and likely played a role in Anheuser-Busch’s recent market woes, which began mostly at the beginning of the month.
By the way, the first day of trading in April was April 3 – the day after the official announcement of the Mulveney partnership.
During a podcast appearance on Tuesday, Mulvaney commented on the scathing response seen since then, saying her critics are taking advantage of an easy target.
“The reason I think I am… I’m an easy target is because I’m so new to this,” Mulvaney told ROsie O’Donnelll on the popular comic podcast with Rosie O’Donnell.
“I think stalking a trans woman who has been doing this for 20 years is a lot more difficult. I think maybe they think there is some kind of opportunity with me…but what is their goal? “
When contacted by Hollywood reporters shortly before about the backlash, Mulvaney — who has earned more than $1 million from brands like Kate Spade, Crist and Instacart — said she was “thriving” and “doing great.”
These people don’t understand me and anything I say or say then they are somehow taken out of context and used against me, which is sad because everything I try to get out is positive.
She is trying to communicate with others who might not understand me. It is to make people laugh or to make a child feel seen.
When reporters approached In Hollywood shortly before the backlash, Mulvaney — who has earned more than $1 million from brands like Kate Spade, Crest and Instakart — said It is “thriving” and “working great”.
When asked if she expects the recent turmoil to pass and if transgender influencers are ‘the future’, the TikTok star — nearly a week into her stint as a beer brand ambassador — responded with a resounding “yes.”
DailyMail.com has reached out to Anheuser-Busch for comment.