In July of 1863 at the battle of Gettysburg, Confederate forces reached their high-water mark during Pickett’s charge. While no one knew it as a high-water mark at the time, that point marked the beginning of the end for the Southern cause. While singular events are viewed in the context of the moment, a high-water mark is a mystery of timing. It can only be discovered retrospectively as subsequent events unfold. Given recent developments in corporate America, it is now apparent that woke corporate activism has had its high-water mark.

In April 2023, at the start of the NCAA basketball March Madness, marketing executives from the Bud Light brand decided that the best way to communicate the attributes of their product to their target audience of mostly young, blue-collar males was to promote a sponsorship with transgender influencer and activist Dylan Mulvaney. By disregarding their target consumer and following the well-worn path of woke corporate activism, the Bud Light brand lost customers, market share, and revenue.
While no one knew it at the time, Bud Light represented the high-water mark for woke corporate activism. The next 18 months marked the steady decline of woke corporate policies and practices culminating in the world’s largest retailer, Walmart, announcing a halt to its DEI practices.
But how did we get to this point?
At first, the backlash to the Bud Light and Mulvaney partnership was thought to be a knee-jerk reaction limited to conservative media. As the weeks unfolded, however, the reaction turned into a protest and the protest turned into a boycott. Before long, Bud Light lost its number one market position and was scrambling to regain its footing with new advertising, price promotions, and a 60-second commercial at the Super Bowl. (READ MORE: Bud Light’s Super Bowl Hail Mary)
Nothing worked.
The brand continued its steady decline. Hot on the heels of Bud Light came a controversy at Target, where the retailer faced significant backlash surrounding...