Shares of Anheuser-Busch have lost more than $6 billion in market value following the announcement of an advertising partnership with transgender social media celebrity Dylan Mulvaney, Breitbart reports.
Mulvaney, a biological man pretending to be a woman, is the newest advertiser for Bud Light and was honored with a limited edition can featuring his face. However, the partnership has led to a nationwide backlash, with significant sales losses for the beer brand in several states.
Anheuser-Busch shares fell nearly 5% after Dylan Mulvaney announced the Bud Light deal earlier this month, wiping out $6.65 billion of the company’s market capitalization.
The partnership has sparked a nationwide backlash against the beer brand that has resulted in significant sales losses in several states.
As Breitbart News reports, bars across the country are finding that customers are shunning the brand. Sales of Bud Light and other Anheuser-Busch beverages are reportedly down about 40% at one Missouri bar. At a bar in New York’s Hell’s Kitchen neighborhood, where there are many gay men, sales of Bud Light dropped 70%.
Another report said Anheuser-Busch distributors in the U.S. heartland and the U.S. South are spooked by the public reaction to Dylan Mulvaney’s campaign.