Staff Reports
The stock price of Anheuser-Busch, the world's largest producer of beer, has dropped by 11.9% since April 1. Its most popular brand, Bud Light, suffered a huge decline in sales as a result of the company's decision to capitalize on March Madness.
Due to the growing number of conservative consumers calling for a boycott of Bud Light, the company's sales have reportedly dropped by over 23%. Jared Dinges, a beverage analyst at Chase, noted that the decline in sales could be a sign that a subset of Americans would not drink the brand in the future.
Anheuser-Busch has lost $15.7 BILLION in value since Bud Light stabbed their customers in the back.
This movement is POWERFUL.
— Benny Johnson (@bennyjohnson) May 24, 2023
The decision to employ a transgender influencer named Dylan Mulvaney, who gained fame through her TikTok videos, to advertise for Bud Light during the March Madness tournament upset many consumers.
In an attempt to attract younger consumers and counter the declining sales of Bud Light, Anheuser-Busch used Mulvaney. Unfortunately, this stunt didn't work out.
Rita Panahi, a journalist, criticized Anheuser-Busch for its poor corporate virtue-signaling. After Bud Light started incorporating activism into its branding, it was widely criticized. Panahi noted that the company's stock price took a hit due to the backlash. Despite the objections of conservative groups, the crisis is still persisting.
Due to the controversy surrounding the use of Mulvaney and the company's social media presence, HSBC downgraded Anheuser Busch, the parent company of Bud Light. Michel Doukeris, the CEO of the company, blamed the decline in sales on the misinformation surrounding the incident. This incident serves as a warning for companies that are planning on implementing political activism.
Source: Trending Politics
