Anheuser-Busch, a leading global brewer, has suffered a substantial loss in market value of over $6 billion following a promotional partnership with transgender social media celebrity Dylan Mulvaney for their Bud Light brand, Fox News is reporting.
Anheuser-Busch Inbev’s market capitalization has suffered a blow of $6.65 billion, as the company’s shares plunged by almost five percent when the partnership with Mulvaney was disclosed earlier this month.
Dylan Mulvaney, a biological male who identifies as a female, has become the latest spokesperson for Bud Light.
The brand promoted Mulvaney’s transgenderism by releasing a limited edition beer can featuring Mulvaney’s face on it.
As part of the promotional campaign, Mulvaney has appeared in social media videos promoting Bud Light, including taking a bubble bath and discussing March Madness.
Nonetheless, the collaboration has triggered a considerable negative reaction across the country.
Various reports have emerged of bars across the country witnessing customers actively avoiding the brand.
In one Missouri bar, sales of Bud Light and other Anheuser-Busch beverages have reportedly dropped by around 40 percent, Breitbart News reported.
The news site also noted s bar in New York’s Hell’s Kitchen neighborhood, an area with a high population of LGBTQ+ individuals, has seen Bud Light sales drop by a staggering 70 percent.
