The boycott against Bud Light over its partnership with “transgender” social media influencer Dylan Mulvaney is costing beer maker Anheuser-Busch billions, the New York Post reported last week.
According to the Post, since March 31, Anheuser-Busch’s value fell by more than $5 billion, with company shares by nearly 4 percent by last Wednesday, from $132.38 billion to $127.13 billion.
Shares dropped by another 1.5 percent on Wednesday, the Post reported.
In early April, Mulvaney posted sponsored Bud Light content on his Instagram account promoting the beer’s March Madness contest.
News of the post went viral on social media, and within no time, conservatives and others who object to “woke” politics being pushed by corporations called for boycotts of Bud Light and other Anheuser-Busch products.
Distributors around the country are bearing the brunt of the controversy as bars in many red states, including Wyoming and Tennessee are refusing to stock Bud Light.
Last week, a Missouri distributor canceled a planned appearance of the famous Budweiser Clydesdale horses, citing fears for the safety of staffers.
According to the New York Post, industry experts said the controversy seems to have “staying power” and warned that Anheuser-Busch is facing a boycott of all of its products.
At first, Anheuser-Busch tried defending its decision to partner with Mulvaney.
A company spokesperson told NBC News that Anheuser-Busch frequently partners with different social media influencers to “authentically connect” with “various demographics.”
But with stock value plummeting and distributors rebelling, last Friday, Anheuser-Busch CEO Brendan Whitworth released a non-apology apology saying the company never meant to become “part of a discussion that divides people.”
To placate the boycotters, Anheuser-Busch released a 1-minute ad featuring a more “all America” theme.
And just as conservatives have Anheuser-Bush on the ropes, Donald Trump Jr. stepped in to snatch defeat from the jaws of victory by calling on conservatives to end the boycott, Fox News reported.
Last Thursday, the former president’s son defended Anheuser-Busch and said he would not blame the “whole company” for a marketing campaign. He urged Trump supporters not to boycott, arguing that Anheuser-Busch donates “slightly more” to Republicans than Democrats.