Bud Light donates $200,000 to LGBTQ group in the wake of Dylan Mulvaney fiasco trends now
Bud Light announced Tuesday that it is donating $200,000 to the National LGBT Chamber of Commerce in support of its Communities of Color Initiative, as the company continues to struggle in the wake of the Dylan Mulvaney scandal.
The once most-popular beer brand in America continues to hemorrhage market value in the wake of its April partnership with trans Dylan Mulvaney.
The partnership sparked protests and backlash and parent company Anheuser-Busch has shed $26 billion in value in mere months.
Bud Light's latest donation to the LGBTQ group is an extension of a partnership established last year between the company and the NGLCC, and a continuation of work Bud Light and parent company Anheuser-Busch have done with the LGBTQ community for years.
'This initiative is designed to support the growth and success of minority LGBTQ+-owned businesses through certification, scholarships and business development in an effort to create equal opportunities for the economic advancement of small businesses in the LGBTQ+ community,' read a release announcing the initiative.
Bud Light has donated $200,000 to the National LGBT Chamber of Commerce despite the company losing $26billion in market share since its partnership with trans Dylan Mulvaney
For the week ended May 20, Bud Light sales were down 25.7% from the same week a year ago as the company continues to struggle
Cases of Bud Light are seen marked down in a Florida store. For the four weeks through May 20, Bud Light sales dropped 24.3 percent from last year
'The brand will also be supporting NGLCC’s first-ever CoCi Biz Pitch program, where the winning minority LGBTQ+ business owner will receive $5,000 and have the chance to go on to compete at the 2023 NGLCC International Business & Leadership Conference LGBT Biz Pitch Competition for $50,000 in cash and prizes.'
Bud Light's parent company Anheuser-Busch has seen its market value plunge since the disastrous campaign with transgender-influencer Dylan Mulvaney.
Shares tanked Wednesday to a new eight-month low of $53. AB's overall sales have dipped by 10 percent compared to the same time last year.
Since April 1, the company has consistently been losing value, as experts say the situation 'just keeps getting a little worse each week'.
AB's competitors, however, 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 in market value, around 20 percent, while Heineken has enjoyed a $1billion spike – an increase of 1.7 percent.
Experts continue to predict bad news for Bud Light. 'We believe there is a subset of American consumers who will not drink a Bud Light for the foreseeable future,' wrote JPMorgan
