Staff Reports
In spite of the ongoing boycott against Bud Light, the brand has made a firm decision to intensify its backing for the LGBT community, resulting in a staggering $27 billion decline in market value for its parent company Anheuser-Busch InBev over the past two months! On Tuesday, Bud Light made an announcement that it would persist in collaborating with the National LGBT Chamber of Commerce (NGLCC) and contribute $200,000 to support this business advocacy organization. The aim of this action is to endorse NGLCC’s endeavor in promoting economic opportunities and advancements for the minority LGBTQ+ business community.
Yet Another Sign Bud Light Has No Intention of Changing Course Despite Boycott https://t.co/KpMwa6z70H
— DLW🍊 (@Dlw20161950) June 1, 2023
Anheuser-Busch has expressed its unwavering dedication to the programs and partnerships it has established with various organizations over the course of many years, aiming to drive economic prosperity in numerous communities. The company’s statement also emphasized its longstanding support for non-profit organizations dedicated to advocating for LGBTQ+ equality over the past two decades. By extending its partnership with NGLCC, Bud Light effectively demonstrates its continuous commitment to advancing the cause of LGBTQ+ rights.
NGLCC expressed its appreciation for Bud Light’s support, considering it an honor. The organization emphasized its Communities of Color Initiative and highlighted how its partnership with Bud Light can empower and provide support to both minority LGBTQ+ business owners and entrepreneurs. However, some critics argue that Bud Light’s actions are primarily driven by virtue signaling and catering to the influential LGBTQ+ lobby, rather than taking into account the concerns of millions of Americans who may feel uncomfortable with the LGBT lifestyle.
Furthermore, Bud Light’s collaboration with transgender influencer Dylan Mulvaney has reportedly had a significant negative impact on the brand and Anheuser-Busch as a whole. According to Fox Business, the stock has experienced a significant decline of 19.98 percent from its peak in March, bringing it close to an official bear market. Additionally, sales volumes for Bud Light have dropped by 29.5 percent compared to the same period last year, as of the week ending May 20. Critics argue that supporting a niche group like the LGBT community is detrimental to the profitability of the beer giant.
The parent company of Bud Light has incurred significant financial losses not only due to the aforementioned actions, but also because it has chosen to sponsor various “pride” events taking place nationwide this month. These events aim to showcase the non-traditional lifestyles of the gay community. Critics argue that such sponsorship decisions could exacerbate the deterioration of the company’s brand image and result in additional financial setbacks. They contend that the company should prioritize its commitment to its business and shareholders, rather than aligning excessively with fringe groups seeking to promote their radical agenda, which many Americans consider morally objectionable.
