GO WOKE, GO BROKE
Target, Anheuser-Busch Lose Combined $28B In Market Value
View Source | May 26, 2023 1:30 pm
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- Recent high-profile and controversial marketing decisions by Target and Bud Light are backfiring and burning shareholders in the process to the tune of a combined $28 billion.
- “These are both cases where brands have gotten in the middle of some really controversial issues,” said Timothy Calkins, associate chair of the marketing department at Northwestern Kellogg, in an interview with FOX Business. “I think we’ll see more brands be very cautious about getting into the middle of some of these really controversial issues,” he noted.
- Bud Light’s gifting transgender activist Dylan Mulvaney a personalized pack of beer with the influencer’s likeness as part of an ad for the company’s March Madness contest and to celebrate the year anniversary since Mulvaney began identifying as a woman has cost Anheuser-Busch nearly $19 billion with shares down14% amid nationwide boycotts of the beer and sales tanking. The S&P 500 has risen 2.5% over the same time period.
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