Coors Stock Goes Up As Bud Light Stock Takes A Hit Following Controversy
on Apr 17, 2023
It’s been over two weeks since Bud Light first found themselves in the middle of controversy, but it doesn’t seem like the general public is forgetting about what happened.
If you don’t know what we’re talking about, we will break it down for you.
On April 1st, transgender social media influencer Dylan Mulvaney debuted her latest brand partnership, Bud Light. Dylan had been documenting her days since coming out as transgender and calling them her “Days of Womanhood.” On social media, she would take a photo or video of herself each day since transitioning from male to female. Bud Light sent her a package to celebrate “365 Days of Womanhood,” which included regular Bud Light cans, which she created a video with, and a specialty can that included a photo of her face. See both below.
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Artists such as Kid Rock and Travis Tritt were the first to be very outspoken about Bud Light’s latest partnership, but as time goes on, more and more are revealing their stance. Singer Riley Green has a Bud Light lyric in one of his most popular songs. Over the weekend, he changed that lyric to now include Coors Light instead.
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Amid the immediate call for boycott, Bud Light ‘s parent company, Anheuser-Busch, seemed to stand by their decision to partner with Mulvaney, telling Foxc News, “Anheuser-Busch works with hundreds of influencers across our brands as one of many ways to authentically connect with audiences across various demographics.”
The VP of Marketing, Alissa Heinerscheid, also defended the decision, saying, “I’m a businesswoman, I had a really clear job to do when I took over Bud Light, and it was ‘This brand is in decline, it’s been in a decline for a really long time, and if we do not attract young drinkers to come and drink this brand, there will be no future for Bud Light. We had this hangover, I mean Bud Light had been kind of a brand of fratty, kind of out-of-touch humor, and it was really important that we had another approach.”
The brand’s CEO released his first official statement since the controversy, saying:
“As the CEO of a company founded in America’s heartland more than 165 years ago, I am responsible for ensuring every consumer feels proud of the beer we brew…We never intended to be part of a discussion that divides people. We are in the business of bringing people together over a beer.”
— Anheuser-Busch (@AnheuserBusch) April 14, 2023
But, that didn’t stop the boycott. Over the weekend, it was reported that Anheuser-Busch’s stock took a hit, with the New York Post reporting that the company’s stock has experienced a significant drop in shares since March 31, resulting in a loss of nearly 4% of its value. This decline has caused the company’s market capitalization to drop from $132.38 billion to $127.13 billion as of Wednesday. On the same day, Anheuser-Busch stock declined by over 1.5%.
The fallout also caused appearances by the famous Budweiser Clydesdale horses to cancel due to the staff fearing for their safety.
Not only is Bud Light’s stock going down, Coors stock is going up, according to the New York Post.
The publication reports that the “stock price of the Molson Coors Beverage Co. was trading at $51.68 a share at the end of last month,” and “has climbed to $56.25 — an increase of more than 8.8%.”
What do y’all think about this?
