Anheuser-Busch’s decision to feature controversial transgender influencer Dylan Mulvaney on limited-edition Bud Light cans has backfired, causing the company to lose more than $5 billion in value. The brewing giant aimed to boost its “woke” credentials by partnering with Mulvaney, who boasts over 10 million social media followers. However, the move has been met with widespread criticism, with some commentators questioning the relevance of the partnership for Bud Light’s core demographic.
Since announcing the partnership, the company’s market capitalization has fallen by nearly 4%, dropping from $132.38 billion to $127 billion. Some bars across the United States have reportedly stopped serving Bud Light, while others, including celebrities such as Kid Rock, have publicly expressed their disapproval of the collaboration.
Anheuser-Busch and Nike, another of Mulvaney’s sponsors, have stood by the influencer despite the backlash, maintaining their commitment to inclusion and diversity. Critics, however, argue that the companies are prioritizing “wokeness” over common sense and alienating their core customer base. The controversy has raised questions about the effectiveness of such marketing strategies and the potential for a full-blown boycott of Anheuser-Busch products.
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