Anheuser-Busch has lost more than $6 billion in market value in the days following its promotional partnership with transgender social media celebrity Dylan Mulvaney, with its shares falling amid a nationwide backlash against Bud Light.
Shares of Anheuser-Busch Inbev have dropped nearly five percent after Dylan Mulvaney announced the Bud Light deal at the beginning of the month, wiping out $6.65 billion of the company’s market capitalization.
Dylan Mulvaney – who was born a male but now claims to be a woman – is the latest spokesperson for Bud Light, which has honored Mulvaney with a limited release can with his face on it. In recent social media videos, Mulvaney has promoted the brand by cavorting in a bubble bath and talking about March Madness.
“This month I celebrated my day 365 of womanhood and Bud Light sent me possibly the best gift ever – a can with my face on it,” Mulvaney said in announcing the deal. Read more…