Fri May 12, 2023 – 7:32 pm EDT
(LifeSiteNews) — One of the world’s largest banks this week downgraded the stock of Bud Light parent company Anheuser-Busch InBev amid the ongoing fallout over Bud Light’s disastrous April move to honor transgender-identifying TikTok celebrity Dylan Mulvaney.
Carlos Laboy, managing director for the global beverage sector for British multinational bank HSBC, downgraded the beer corporation’s stock to “hold” on Wednesday, citing alienation of the brand’s customer base after its decision to gift Mulvaney, a 26-year-old actor-turned transgender activist, with a honorary beer can featuring his likeness.
Prior to the Bud Light collaboration, Mulvaney had catapulted himself into the national spotlight last year and began racking up corporate sponsorships after the launch of his “365 days of girlhood” TikTok series chronicling his alleged “transition” into becoming a “woman.” Conservatives have argued the activist has made a mockery of womanhood.
In his comments regarding the downgrading of Anheuser-Busch’s stock, Laboy wondered why the corporation’s “US leadership underestimate[d] the risk of pushback given the recent experience of other firms?”
“Is A-B hiring the best people to grow the brands and gauge risk?” he asked. “If Budweiser and Bud Light are iconic
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