Microsoft founder Bill Gates' foundation trust just invested $95 million in Anheuser-Busch Inbev stocks, buying roughly 1.7 million shares, following the Bud Light controversy and as the company experiences a drop in stock prices.
The reveal comes after Anheuser-Busch took a hit earlier this year after sales for Bud Light plummeted after an Instagram ad campaign involving Dylan Mulvaney. The latter is a transgender actress, social media influencer, and activist who partnered with the beer company on Apr. 1, leading to outrage among conservatives.
Microsoft Buys Anheuser-Busch Stocks
Some people, including Kid Rock, immediately called for a boycott of the beer brand, which led to sales reportedly dropping in the month that followed. Bud Light, which was previously one of the United States' top-selling beers, experienced a 23% drop in sales in May compared to the same period the prior year.
Additionally, the company's product sales dropped again in June, which saw a decline of 28% compared to the same period from the prior year. The data was revealed by Bump Williams, which tracks alcohol sales, as per CBS News.
The beer company was overtaken by Modelo Especial in the No. 1 spot, based on consumer behavior data analytics firm Circana. Following the backlash that Bud Light received from its partnership with Mulvaney, Anheuser-Busch, the firm's parent company, tried to boost its image by releasing patriotic ads and a statement from CEO Brendan Whitworth.
The latter said that they never intended to be part of a discussion that divides people, saying that they are simply in the business of bringing people together over a beer. Despite Bud Light being a popular brand, Anheuser-Busch has felt the effects of the controversy. In July, the company announced that it was firing roughly 2% of its workers, which equates to about 380 of their nearly 19,000 employees.
The company's second-quarter results report said that the entire beer industry experienced a decline in the quarter. Anheuser-Busch also said that it had surveyed roughly 170,000 customers through a third-party research firm and found that about 80% are favorable or neutral toward the Bud Light brand.
Dylan Mulvaney Controversy
Gates' investment comes as he previously admitted that he was not a big beer drinker despite buying other beer brands through his trust. According to CNN, the tech billionaire's foundation trust also bought roughly $1 billion worth of shares of Heineken Holding, which is the parent company of the Dutch beer.
The controversy surrounding Mulvaney's partnership with Bud Light came when Republican state lawmakers proposed legislation that sought to regulate the lives of young transgender people, restrict drag shows, and require schools to forcibly out transgender students to their parents.
Mulvaney's Bud Light promotional post was less than a minute long and focused on a $15,000 giveaway the beer company sponsored during March Madness. She mentioned at the time that they sent her a tallboy can that featured her face in celebration of the 365-day milestone, said the New York Times.
