Bud Light’s Trainwreck Dylan Mulvaney Ad Cost Anheuser-Busch Nearly $5 Billion in Value so Far

Beer giant Anheuser-Busch has lost over $5 billion in value since their partnership with transgender activist Dylan Mulvaney provoked a strong reaction.

The market value of the company fell more than 1.5% in a single day, and the stock has continued to decline. On March 31, the stock was valued at $66.73 per share, and on Wednesday, it closed at $63.38 per share. 

CONTROVERSY SURROUNDS BUD LIGHT’S PARTNERSHIP WITH DYLAN MULVANEY

The New York Post first reported on the analysis. 

Mulvaney gained public attention as a trans activist and social media influencer who interviewed President Biden about LGBTQ issues in 2022. In March 2023, Anheuser-Busch printed Mulvaney’s face on Bud Light cans as part of their March Madness contest and as a way to celebrate a year of “girlhood.” 

Mulvaney subsequently posted a video on Instagram in which she drank beer in a bathtub as part of Bud Light’s campaign. However, the promotion was met with significant criticism. 

Country music star John Rich organized a boycott of Anheuser-Busch, and conservative rocker Kid Rock used Bud Light cases for target practice in a viral video, while beer distributors expressed concern.

Anheuser-Busch did not respond immediately to a request for comment on the stock fall. The company had previously stood by its decision. 

Harry Schuhmacher, the editor and publisher of Beer Business Daily, wrote earlier this week that Anheuser-Busch distributors in rural areas are “spooked” by the backlash.

GOP presidential contender Vivek Ramaswamy rebuked Bud Light in an op-ed piece for Fox News Digital, saying that their promotion strategy was alienating its customer base.

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Fox News’ Alexander Hall and Suzanne O’Halloran contributed to this report.