Anheuser-Busch Stock Drops Amid Bud Light Dylan Mulvaney Controversy

• Anheuser-Busch InBev's stock fell 3 percent on Monday following backlash to the company's partnership with transgender influencer and activist Dylan Mulvaney.
• Despite the controversy, the company's stock is still sitting at 52-week highs and is outperforming competitors.
• The company has defended its partnership with Mulvaney, saying beer cans featuring her image was a personal gift to her and not for sale to the public.

Stock for Anheuser-Busch InBev took a slight dip on Monday in the wake of continuing backlash over news that one of the brewing company's brands has a partnership with transgender influencer and activist Dylan Mulvaney.

Mulvaney—who uses she/they pronouns—posted on Instagram last week that Bud Light had sent her commemorative cans of beer that featured an image of her face to mark the one-year anniversary of her gender transition. Following her announcement, right-wing musician Kid Rock posted a video on social media of himself shooting Bud Light cans for target practice, and country star Travis Tritt announced he would no longer sell Budweiser at his concerts.

TheStreet, a financial news website, reported that stock for Anheuser-Busch InBev was lower by 3 percent on Monday. However, the outlet also reported that the drop comes following "a 10-day win streak, which vaulted Anheuser-Busch stock to 52-week highs."

TheStreet further noted that even with the controversy regarding Mulvaney, Anheuser-Busch continues to come out ahead of competitors like Molson Coors and Boston Beer on the stock market. At the time of publication, Anheuser-Busch shares were sitting at $64.99 on the New York Stock Exchange (NYSE).

Since the public fallout began over Mulvaney's partnership, the social media accounts for Bud Light have not included any posts on the subject. However, a representative for Anheuser-Busch defended the company's work with the influencer in a statement for a Fox News article that was published last Monday.

"Anheuser-Busch works with hundreds of influencers across our brands as one of many ways to authentically connect with audiences across various demographics and passion points," the spokesperson's statement said. "From time to time, we produce unique commemorative cans for fans and for brand influencers, like Dylan Mulvaney. This commemorative can was a gift to celebrate a personal milestone and is not for sale to the general public."

Charlotte Clymer, a transgender activist and the former press secretary for the Human Rights Campaign, told Newsweek that the controversy regarding Mulvaney doesn't make sense when taking into account the equality work done by other beer companies.

"The controversy over Budweiser is especially absurd when you consider the other top domestic beer brands support LGBTQ equality, too," Clymer wrote in an emailed statement. "Anti-LGBTQ critics of Budweiser have apparently revealed themselves to know as much about beer as they do about LGBTQ people—which is to say: not much. But that's okay, more beer for us queers."

Mulvaney herself addressed the transphobic attacks she received last week in a Friday post on TikTok and Instagram. The post included a performance of her singing the Stephen Sondheim song "No One Is Alone" from a cabaret show she hosted at New York's Rainbow Room in March.

"It's hard to see the light now, just don't let it go. This song felt fitting for the week I've been having. All is well! Cheers," Mulvaney wrote in the caption for the Instagram post.

Newsweek reached out to Anheuser-Busch and a representative for Mulvaney via email for comment.

Update 04/11/23 10:45 a.m. ET: This story has been updated to include comment from Charlotte Clymer.