I guess that Dylan Mulvaney fiasco with Budweiser still isn’t working.. Sales of Anheuser Busch products are down 20% across the country, and now the stock has been downgraded.
BUD LIGHT UPDATE: Bud Light sales continue to crash as Anheuser-Busch stock was just downgraded.
Rocky Mountain states have seen the largest sales collapse, down 29%.
New England: Down 14%
West Coast: Down 18%
NY, PA, NJ: Down 19%
East South Central: Down 22%
Midwest: Down ~24%… pic.twitter.com/FOuSp9noVJ— Collin Rugg (@CollinRugg) May 11, 2023
HSBC has downgraded Anheuser-Busch InBev stock to hold amid a “crisis” following Bud Light’s marketing campaign featuring transgender activist Dylan Mulvaney.
Carlos Laboy, managing director at HSBC’s global beverage sector, told CNBC that there are “deeper problems than ABI admits” after the social media partnership with Mulvaney in April.
“Is ABI’s leadership getting the brand culture transformation right? It’s mixed,” Laboy wrote Wednesday in a note.
“At Ambev, we think the answer is ‘yes;’ in the US, we think it’s ‘no.’ The way this Bud Light crisis came about a month ago, management’s response to it and the loss of unprecedented volume and brand relevance raises many questions,” Laboy continued.