Now Bud Light Refuses To Change Course
The financial toll of the boycott against American beer company, Anheuser-Busch InBev, is rapidly mounting, as its stock continues to plunge to near-bear market levels and sales volumes for Bud Light have dropped 29.5 percent. Despite the boycotts, though, Anheuser-Busch isn't backing down on its commitment to supporting the LGBT community.
Recently Bud Light has doubled down on its support for LGBTQ+ rights, announcing its extended partnership with the National LGBT Chamber of Commerce and donating $200,000 to the advocacy organization. The brand says that it has a "strong track record of industry leadership in supporting the LGBTQ+ community," which is evidenced by its sponsorships of pride events across the country this month, and its partnership with transgender influencer Dylan Mulvaney.
The National LGBT Chamber of Commerce is "honored" to have Bud Light’s support. The business advocacy group is behind the Communities of Color Initiative, which is intended to empower and support LGBTQ+ business owners and those living in minority communities.
The boycotts against Bud Light are a direct response to the beer company's commitment to the LGBTQ+ community and have cost Anheuser-Busch InBev billions of dollars in market value. Fox Business estimates that since the controversy began over two months ago, the company has lost a total of $27 billion.
In spite of the boycotts, Anheuser-Busch isn't backing down. The company says it's still committed to its partnership with the National LGBT Chamber of Commerce and other advocacy programs. "Anheuser-Busch has a strong track record of industry leadership in supporting the LGBTQ+ community," they said in a statement.
It's clear that Anheuser-Busch InBev is dealing with a major financial hit due to the boycotts, but it seems the company is determined to stay the course in its commitment to promote and protect equal rights for the LGBTQ+ community. Whether the boycotts will slow down or not remains to be seen, but it doesn't appear that Anheuser-Busch is backing down anytime soon.