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May 25, 2023Bud Light’s parent company Anheuser-Busch has seen its market value plunge $15.7billion since the disastrous campaign with transgender-influencer Dylan Mulvaney.
Since April 1, the company has consistently been dropping down the rankings, with experts saying it ‘just keeps getting a little worse each week’.
But their competitors have added $3.2billion in market value to their brands in the same time.
Molson Coors, which owns Coors Lite, has seen an increase of $2.2billion market value, around 20 percent, while Heineken has a spike of $1billion – an increase of 1.7 percent.
Sales of Bud Light are down more than 23 percent as of the week ending May 6, according to JPMorgan beverage analyst Jared Dinges.
He said the bank expects a 12 to 13 percent volume decline over the course of a year in the US.
‘We believe there is a subset of American consumers who will not drink a Bud Light for the foreseeable future,’ the analysts said on Tuesday.
He added: ‘Shares have underperformed EU Beer peers by 15% since the start of April.
‘We believe this is due to U.S. uncertainty, as investor focus has shifted squarely to the potential impact from the Bud Light controversy.’
The expected decline in earnings, before interest and tax, will follow a 12 percent drop in volume and a 10 percent decline in sales.
In the company’s latest attempts to deal with the backlash, Anheuser-Busch has told wholesalers it will buy back unsold cases of Bud Light that are past their expiration date.
Mulvaney posted the content to coincide with the NCAA March Madness tournament, before joking she didn’t know what sport she was promoting.
