Amid the backlash over its decision to partner with trans TikTok influencer Dylan Mulvaney, Anheuser-Busch has lost a whopping $6 billion in market cap.
According to the Daily Mail, Anheuser-Busch's market cap sat at $132.38 billion last week, and dropped to $125.73 billion as of Wednesday, a difference of just over $6 billion.
Shares dipped to just under $64, but have since rebounded by a few cents, however it remains to be seen whether the company will continue to trend downwards, or if the worst has already passed.
The dip came after Mulvaney unveiled the custom can Bud Light had sent over on April 2, posing with it and other Bud Light products in a series of TikToks, one of which was set in a bathtub.
In the days that followed, the beer giant was widely criticized over its decision to partner with such a controversial figure who many accused of insulting females with over-the-top performative displays of "girlhood."
Before long, major conservative influencers and pundits were calling on those who opposed Bud Light's actions to boycott the company. Artists followed suit, showing their displeasure in various ways.
Kid Rock, for example, used a gun to obliterate a pack of Buds, while Travis Tritt announced that he would no longer make the beer available on his tours and John Rich removed the beer from his bar Redneck Riviera.
Bud Light defended the decision to partner with Mulvaney, stating that the company "works with hundreds of influencers across our brands as one of many ways to authentically connect with audiences across various demographics and passion points."
Vice president of marketing, Alissa Heinerscheid, further explained that since coming aboard, she had sought to revitalize a brand that had for too long been known for "fratty, kind of out-of-touch humor."
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