Anheuser-Busch has experienced a loss of over $6 billion in market value following its promotional partnership with transgender social media celebrity Dylan Mulvaney, resulting in the company’s shares falling amidst a nationwide backlash against Bud Light.

Anheuser-Busch Inbev’s shares have dropped nearly 5% since Mulvaney announced the Bud Light deal at the beginning of the month, leading to a $6.65 billion decrease in the company’s market capitalization.

Dylan Mulvaney, who was born male but now identifies as a woman, is the latest spokesperson for Bud Light, which has released a limited edition can featuring Mulvaney’s face.

Mulvaney has promoted the brand in recent social media videos, including one in which he lounges in a bubble bath discussing March Madness.

“This month I celebrated my day 365 of womanhood and Bud Light sent me possibly the best gift ever — a can with my face on it,” Mulvaney said when announcing the partnership.

However, the collaboration has sparked a nationwide backlash against the beer brand, causing sales to plummet across several states.

As reported by The Federalist Papers Project, bars throughout the country have seen customers avoiding the brand.

A Missouri bar reported a 40% drop in sales of Bud Light and other Anheuser-Busch beverages, while a bar in New York’s Hell’s Kitchen neighborhood, which has a high population of LGBTQ+ people, saw Bud Light sales drop by 70%.

Anheuser-Busch distributors in America’s heartland and the South are reportedly “spooked” by the public backlash against the Dylan Mulvaney campaign.

Bud Light’s vice president of marketing, Alissa Heinerscheid, explained in a video that “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.”

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