All the more reason not to buy it: Gates picks up BudLight shares

It must have sounded like a good idea at the time, but Anheuser-Busch’s (NYSE:BUD) decision to run a promotional campaign for its Bud Light beer with the help of transgender ‘influencer’ Dylan Mulvaney backfired spectacularly. Conservative America did not like that idea at all, and decided to boycott the drink, thereby no longer making it the US’s best-selling beer.

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As sales plummeted in the wake of the controversy, BUD shares went into a tailspin, falling by 20% in May with the company also laying off over 300 U.S. employees as a result.

Nevertheless, despite the drop in US sales it’s the sort of hoopla that is confined to the domestic market and a strong performance in other markets managed to offset some of the US slack. In total, organic volume in Q2 fell by 1.4% year-over-year with the North American drop of 14% countered by robust growth in the Asia Pacific region.

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