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Business

Bud Light parent Anheuser-Busch’s stock has lost $27B over Dylan Mulvaney

By
Shannon Thaler
Published June 2, 2023
Updated June 2, 2023, 4:31 p.m. ET

Bud Light maker Anheuser-Busch InBev has lost a whopping $27 billion in market value in the wake of its star-crossed partnership with Dylan Mulvaney — most recently slammed by a 4% stock drop this week.

AB InBev’s market capitalization fell to $107.44 billion through the end of May — down more than $27 billion from the $134.55 billion value the company had on March 31, the day before Mulvaney’s partnership went live, according to Dow Jones Market Data Group.

May was the third-worst month on record for the company’s shares.

The stock is headed towards an official bear market — a 20% drop — as the boycott continues.

Shares of AB InBev closed Friday at $54.85, up 1.9%

That’s off 4% from their close last Friday and off 18% from March 31, when the beer maker enjoyed a share price of $66.73.

The Post has reached out to AB In Bev for comment.

In the wake of Bud Light's disastrous partnership with Dylan Mulvaney, the beer's parent company, Anheuser-Busch, has lost $27 billion in value.
In the wake of Bud Light’s disastrous partnership with Dylan Mulvaney, Anheuser-Busch, has lost $27 billion in value. Getty Images for GLAAD

Bud Light’s now-infamous promo with Mulvaney, 26, was posted on April 1, when the trans social media star shared a photo of a personalized beer can the brand sent her to celebrate her “365 Days of Girlhood.”

The post, which was shared with Mulvaney’s millions of Instagram followers, sparked a nationwide boycott of Bud Light and other beers in Anheuser-Busch’s portfolio, including Budweiser and Michelob Ultra, resulting in six straight weeks of plunging sales.

Last week, sales of Bud Light, America’s No. 1 beer, dropped 25.7%, according to data obtained by The Post, which followed a 24.6% decline the previous week.

Sales of Michelob Ultra, the nation’s No. 3 beer, were off 2.9% versus a year ago in the week ended May 13, in line with a drop a week earlier, according to a Bump Williams analysis of NielsenIQ data.

Sales of Budweiser, last year’s No. 7 beer with more than $1.8 billion in sales, were down 9.7% in each of the two most recent weeks.

Anheuser-Busch has scrambled to rebuild its brand since the boycott began, giving away rebates that made 15-pack cases of Bud Light and Budweiser free in honor of Memorial Day weekend, and buying back unsold cases of beer that have gone past their expiration date as they’ve collected dust on liquor store shelves following the disastrous partnership.

Bud Light customers raised eyebrows again when conservative social media critics flagged Bud Light as a sponsor of the Cincinnati Pride Parade last week.

A glance at the list of sponsors on the event’s website reveals that the Anheuser-Busch brand is lending its name to the annual event, which will be held on June 24.

The image on the page shows a rainbow-colored bottle of Bud Light next to a glass of beer under the heading “Together in Pride.”

The Bud Light marketing executive associated with the Mulvaney partnership, meanwhile, has refused to speak on the controversial marketing deal.

In a scramble to rebuild its brand, Anheuser-Busch has offered hefty rebates and has been buying back unsold cases of beer from liquor stores.
In a scramble to rebuild its brand, Anheuser-Busch has offered hefty rebates and has been buying back unsold cases of beer from liquor stores. REUTERS

Alissa Heinerscheid, 39, refused to speak when approached for comment on Mulvaney’s promo — before her friend cut in to say that “she’s not supposed to talk about it.”

Heinerscheid took a leave of absence from Bud Light as the brand began hemorrhaging billions of dollars over the partnership, which saw Mulvaney touting a March Madness promotion while dolled up as Holly Golightly and then frolicking in a bubble bath in April.

It remains unclear whether Heinerscheid has since returned to work or remains on leave.