Drinking a can of Bud Light can now perceived as an act that symbolizes disregard for women. Following the brand’s decline in popularity due to its ill-fated marketing collaboration with the controversial transgender social media influencer, Dylan Mulvaney. This perspective was share by Megyn Kelly on her show, “The Megyn Kelly Show,” broadcasted on SiriusXM.
According to Megyn Kelly, Bud Light undeniably ensnared in a situation where escape from the boycott seems impossible. The brand’s affiliation with Mulvaney has not only stripped it of its cool factor but has also symbolically become a sign of disrespect towards women. Kelly bolstered her argument by citing recent statistics indicating an ongoing decline in beer sales.
Consequently, the brand has become a target of open criticism and public shaming. Individuals now perceive those who opt for Bud Light with a palpable sense of skepticism and disapproval. The long-term ramifications of this controversy on the brand’s reputation and prospects for recovery are inherently uncertain.
The repercussions of Bud Light’s ill-fated collaboration with Mulvaney have been severe. Leading to a substantial loss of market value for its parent company, Anheuser-Busch InBev. The company’s market capitalization plunged by a staggering $27 billion since the initiation of the ill-fated partnership. This downward spiral continued with a 5% stock drop this week, compounding the financial setback.
By the end of May, AB InBev’s market capitalization had dwindled to $107.44 billion. Signifying a decline of over $27 billion from its value of $134.55 billion on March 31. Consequently, May emerged as one of the company’s most unfavorable months in terms of share performance. Furthermore, the persistent boycott has pushed the stock perilously close to an official bear market. Characterized by a significant 20% decrease. Notably, as Thursday’s closing bell rang, shares of AB InBev plummeted to a worrisome low point of $53.81.
Regarding the Bud Light marketing executive involved in the Mulvaney partnership. Information suggests that she is under strict instructions not to discuss the ordeal. A companion of hers in New York City mentioned that she is not permitted to address the matter when approached by the Daily Mail for comment. The executive, Alissa Heinerscheid, 39, declined to provide any insight, and her friend intervened, explaining the confidentiality constraints imposed upon her.
To counter the negative perception stemming from its attempt to distance itself from Mulvaney. Bud Light announced a donation of $200,000 to an LGBTQ+ nonprofit organization. This move aims to gain favor with consumers who were put off by the brand’s initial involvement with the transgender influencer. Additionally, Bud Light revealed its intention to extend its partnership with the National LGBT Chamber of Commerce (NGLCC), demonstrating a commitment to support economic opportunities and advancements for LGBTQ+ Americans and business owners nationwide, as stated in a press release.