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Anheuser-Busch, the parent company of Bud Light, has lost more than $6 billion in market value after controversially hiring transgender social media personality Dylan Mulvaney to promote its beverage.
Shares of the beer company have crashed by almost 5 percent since the start of April, after a nationwide backlash among its customer base, which normally leans against “woke” activism.
At least $6.65 billion of Anheuser-Busch ’s market capitalization has been wiped out in less than two weeks.
Anheuser-Busch is the producer of several brands of beer, including Budweiser and Michelob, along with small brands, such as Hammer and Sickle Vodka.
Transgender Media Celebrity Tanks Sales of Bud
Mulvaney, a biological male who now claims to be a woman, was promoted by Anheuser-Busch executives on April 1 to be Bud Light’s latest spokesperson.
The light beer brand labeled its cans with Mulvaney’s face for a limited release—albeit much to the distaste of the millions of consumers who used to drink the beer.
