The latest estimates of the staggering losses suffered by Anheuser-Busch since April 1, the day the Dylan Mulvaney controversy exploded, put their loss in market value at about $27 billion by the end of May.
The company had a $134.55 billion value as of March 31 before it plunged to $107.44 billion by the end of May, according to Dow Jones Market Data Group. The company’s stock plummeted 19.98% from its high in March. That 20% drop enters the zone of a bear market. Bud Light sales revenues have dropped 25.7% for the week ending May 20 compared to the same week in 2022, Bump Williams Consulting estimated.
On April 1, Mulvaney, a man who identifies as a woman, posted a video to his 1.8 million followers on Instagram promoting his partnership with Bud Light. “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.
