Anheuser-Busch, the brewing company that owns Bud Light, reported a nearly $400 million loss in the second quarter following pushback from consumers over a partnership with transgender activist Dylan Mulvaney.
A second-quarter report from the company revealed its revenue fell by 10% in the United States, while its sales in U.S. retailers went down by 14% when compared to the previous year. The company has attributed its decrease in revenue and sales to Bud Light, according to the report.
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"The beer industry continued to demonstrate resilience in 2Q23, delivering revenue growth of 2.3% while volumes declined by 2.5%, according to Circana," the report read. "Our total beer industry share declined this quarter but has been stable since the last week of April through the end of June."
The report also states that the company has engaged with 170,000 consumers across the U.S., and found that most of them still have a favorable view of Bud Light, with approximately 80% being "favorable or neutral."
The company's decreased revenue comes after it and the Bud Light brand received major pushback from consumers over a partnership with Mulvaney, a biological man who identifies as a woman. A boycott by drinkers caused Bud Light to lose its position as the top-selling domestic beer, and Anheuser-Busch expected to lay off hundreds of employees.
Mulvaney has claimed that Bud Light did not reach out in response to the backlash.
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In the wake of Anheuser-Busch's stumblings, Shark Tank star Kevin O'Leary announced Monday he would travel to business schools across the country to teach about the debacle of the Bud Light collapse. Additionally, the Washington Examiner’s Kaylee McGhee White stated that Bud Light's debacle serves as a lesson that "corporate 'wokeism' has its limits."
“People have to deal with radical leftism in their kids’ classrooms, in the medical community, and now in the grocery aisles,” White added. “And they’re finally putting their foot down and saying: ‘Enough.’”