Anheuser-Busch InBev stock is now in bear market territory following a 2% drop Wednesday as the fallout from Bud Light’s ad campaign with transgender influencer Dylan Mulvaney persists.
The beverage conglomerate’s stock is down 20% since the end of March and its $53 stock price represents an eight-month low, Forbes reported. Shares for rival conglomerate Molson Coors have gone up 19% in the same period, with sales up 15% compared to this time in 2022, according to the outlet.
If you’re doing what we’re doing today — drinking ice colds and grilling with your friends and family with an American flag nearby — do us a solid and share a pic of your local beer aisle … pic.twitter.com/9l0jVchfgl
Anheuser-Busch’s market capitalization is down to less than $109 billion, a $26 billion drop-off since the Bud Light boycott began, even as the S&P 500 continues to generate positive returns. Bud Light sales plunged 25.7% for the week ending May 20, marking the sixth straight week Bud Light sales have gone down, the New York Post reported Tuesday based on industry data.
Sales of other Anheuser-Busch offerings have seen similar declines in the wake of Bud Light’s partnership with Mulvaney. Budweiser sales dropped 11.2%, Michelob Ultra went down 6.5%, Busch Light fell 5.2% and Natural Light was down 4.9% for the week ending May 20, according to the NY Post.
Meanwhile, Modelo sales increased 9.2% in the same week, jeopardizing Bud Light’s status as America’s top-selling beer, the NY Post reported. Modelo’s international operations are owned by Anheuser-Busch, but its U. S. operation is owned by Constellation Brands because of an 2013 antitrust settlement by the Justice Department.... (Read more)
Submitted 117 days ago