As you’ve unquestionably heard by now, Bud Light and parent company Anheuser-Busch have been in a bit of hot water lately.

The massive, multi-billion dollar conglomerate made waves this month when it announced a working partnership with transgender activist Dylan Mulvaney, that included a ceremonial can emblazoned with the activist’s face.

It was not particularly well received.

Anheuser-Busch not only drew the wrath of everyday Americans, but musicians like Kid Rock, Travis Tritt and John Rich all joined in on dunking on the beer manufacturer. That’s to say nothing about some of the anecdotal evidence circulating that Bud Light was a damaged brand following its association with Mulvaney.

Beyond anecdotal evidence, however, is the far more disconcerting $5 billion market value loss Bud Light has “enjoyed” since partnering with Mulvaney.

It’s that stark financial windfall that should have multiple other companies at least somewhat concerned about what working with Dylan Mulvaney actually entails. Remember: Calls for boycotts weren’t just against Bud Light. All of Anheuser-Busch’s brands (of which there are quite a few) have basically been put on notice after the Mulvaney association.

Despite that fervent backlash, Mulvaney remains in as much demand as ever, as evidenced by the other massive, multi-billion companies that are lining up to associate with the activist.

A list of Mulvaney’s brand partnerships was collected by Newsweek and it’s a veritable who’s who of relatively newer major brands.

Aritzia: The popular women’s fashion boutique began working with Mulvaney since at least Dec. 2022, when Mulvaney put up an Instagram post claiming to be “celebrating the first day of winter as an @Aritzia gal in my super puffs.”

CeraVe: A company that specializes in skincare products, CeraVe has partnered with Mulvaney to help with the “deconstructing” of the activist.

Crest: The well-established toothpaste and dental hygiene company has partnered with the transgender activist to help Mulvaney prepare for “future dates.”

Haus Labs: Lady Gaga’s makeup company is also working with Mulvaney.

Instacart: A relatively newer grocery pick-up and delivery service that operates in America, Mulvaney partnered with the brand last year to celebrate catching up on things the activist missed before “tranistioning.”

Mulvaney’s corporate partnerships largely stay in the cosmetics and fashion world (Kate Spade, Ulta Beauty both also work with Mulvaney), but also includes some other brands such as KIND Snacks and KitchenAid equipment.

In total, there are the 13 brands currently helping turn Mulvaney into a social media superstar:

While Anheuser-Busch has most certainly felt the fiscal and cultural backlash for working with Mulvaney, it ultimately hasn’t deterred the beer manufacturer.

History suggests that neither will the dozen other (and growing) brands that want to work with Mulvaney. If a $5 billion market value loss hasn’t deterred Anheuser-Busch from continuing to try and make inroads with non-traditional beer drinkers, other brands may very well find such a trade-off worth it as well.

This article appeared originally on The Western Journal.