Beer giant Anheuser-Busch, the creator of Bud Light, has seen its value plummet more than $5 billion since March 31, days after launching its controversial advertising campaign.
The company's market capitalization has fallen from $132.38 billion to $127.13 billion, or nearly 4% of its shares, since partnering with male-to-female transgender TikTok star Dylan Mulvaney.
Mulvaney has posted numerous videos and photos on social media sites in promotion of the sponsorship deal, featuring specially made cans with the influencer's likeness.
On Tuesday, Mulvaney shot back at critics on the "Onward with Rosie O'Donnell" podcast, alleging that trolls intentionally twisted the TikTok star's words to attack the transgender community.
"The reason that I think I am ... an easy target is because I'm so new to this," Mulvaney said. "I think going after a trans woman that's been doing this for like 20 years is a lot more difficult. I think maybe they think that there's some sort of chance with me ... But what is their goal?"
The influencer further said that "everything I try to put out is positive," attempting to "make people laugh or to make a kid feel seen."
Anheuser-Busch defended its decision in a statement to Fox News earlier this month.
"From time to time, we produce unique commemorative cans for fans and for brand influencers, like Dylan Mulvaney," a spokesperson said. "This commemorative can was a gift to celebrate a personal milestone and is not for sale to the general public."
But a national beer industry analyst later informed the outlet that the company's brand shift from fraternity bros to the woke left was probably not the correct one.
"They've already done enough damage in one week to disrupt yearlong sales projections," the analyst said. "You don't just make up those sales. People aren't going to drink twice as much Bud Light the following weekend to recover the lost business."
© 2024 Newsmax. All rights reserved.