Bud Light’s Dylan Mulvaney problem will tarnish reputation, experts say
That came amid speculation that investors were buying the dip after it closed at $63.38 on Wednesday, sparking headlines that Anheuser-Busch lost roughly $5 billion in market cap. “They asked us to completely eliminate their position,” Jenkins said. “We had one person that said, ‘Get me out of that stock. I just don’t want to be a part of it.’”to reach young people because wine, hard seltzers, and craft brews are cutting into sales.
But just because Anheuser-Busch will manage to stay in business despite the Mulvaney backlash, Jenkin“Anytime a company puts on a national spokesperson that has backlash, it certainly can affect your business. I mean, look what happened with Paula Deen and Bill Cosby and Lance Armstrong, and they were famous people. Now we’re just talking about a transgender influencer,” Jenkin said. “So, certainly there can be a trickle-down effect.
Famed journalist-turned-investor Porter Bibb believes Anheuser-Busch’s “momentary woke initiative follows the current market trend of punishing companies for leaning into social culture,” but agrees it won’t last forever. twitter/@KidRocktwitter/@KidRock Forbes Media chairman Steve Forbes believes consumers will ultimately decide if Anheuser-Busch botched the promotion.
Forbes said that companies can do whatever they want when it comes to working with social media influencers.“If you are not performing, your stock takes a hit, shareholders get uneasy. You are going be out of a job if you’re CEO,” Forbes continued. “The market ultimately works, and the market is people.”
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