The stock of Bud Light parent Anheuser-Busch has lost a walloping $27 billion in market value since its ill-fated partnership with Dylan Mulvaney, the New York Post reports.
In just the past week, BUD has fallen 5%.
AB’s market cap has declined from $134.55 billion on March 31, the day before Mulvaney’s partnership went live on social media, to $107.44 through the end of May, the third-worst month on record for the stock, according to Dow Jones Market Data.
As the boycott continues, the stock is on the precipice of a 20% drop, which would put it in bear market territory. BUD closed at $53.81 Thursday, down 5% from last Friday’s close and off 19% from March 31, when it ended the trading session at $66.73.
AB declined to comment to the Post.
Anheuser-Busch debuted its Mulvaney promo on April 1, with the 26-year-old transgender social media influencer sharing a video of her Bud Light personalized beer can, marked to celebrate her “365 Days of Girlhood.”
After Mulvaney shared the post with her millions of followers on Instagram, consumers began boycotting Bud Light and a host of other Anheuser-Busch beers, including Budweiser and Michelob Ultra.
That was followed by Mulvaney touting March Madness and Bud Light dressed as the character Holly Golightly from “Breakfast at Tiffany’s” and then later frolicking in a bubble bath.
Since then, the brewery has suffered six straight weeks of nose-diving sales—with sales of Bud Light, the No. 1 beer in America, down 25.7% last week on top of a 24.6% decline the previous week, according to NielsenIQ data. Budweiser sales fell 9.7% in both of those two weeks.
It seems Anheuser-Busch can’t even give the beer away; over Memorial Day weekend, it offered customers free rebates on 15-pack cases of Bud Light and Budweiser.
Meanwhile, the company is sticking by its Pride affiliations. Bud Light is a sponsor of the Cincinnati Pride Parade taking place on June 24.
Alissa Heinerscheid, 39, an Anheuser-Busch marketing executive who helped devise the Mulvaney campaign, refused to speak with the NYP when asked for comment.
Heinerscheid took a leave of absence when consumers pushed back on the marketing promo and Bud Light began losing billions of dollars in sales.
It is unclear whether Heinerscheid has returned to Anheuser-Busch, the No. 1 producer of beer in the world.
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