Bud Light sales plunged in May, toppling the beer brand from its longtime perch as the nation’s best-selling brew.

Parent company Anheuser-Busch InBev (ABI) sold $297 million worth of Bud Light for the four weeks ending May 28 — a 23% drop from the same time period the year before, according to consumer behavior data analytics firm Circana. Modelo Especial ranked No.1 in May, with $333 million in sales — a 15% increase from 2022.

The sales drop for Bud Light follows a promotion debacle with TikTok star Dylan Mulvaney, a trans rights activist and actress, that sparked an uproar among conservatives including singers Kid Rock and Travis Tritt, who called for a boycott of the popular beer.

[FAFO. The ESG/DEI movement in shareholder activism is blowing up in its faces, at least at brands that aim at broad swaths of the consumer market. More niche brands may get away with it, but clearly consumers are not buying brands that promote radical views on identity and gender ideologies. When the shareholder lawsuits begin in earnest, expect that to drive a stake through the heart of ESG/DEI. — Ed]