(Dmytro “Henry” Aleksandrov, Headline USA) Target and Bud Light continued to lose billions of dollars after both companies went on woke, pro-LGBT crusades that have driven away customers and spawned calls for boycotts.
Target’s market value plunged $9 billion in one week after people became angry about the store’s recent desire to push a new “PRIDE” collection, according to the Daily Caller. The grooming collection features clothing for children and babies, a chest-binding swim top and a “tuck-friendly” bathing suit for men who pretend to be women.
After it became known that Target started pushing pro-“transgender” propaganda, social media users and conservative activists began calling to boycott the store. According to MarketWatch data, on May 17, the company was valued at $160.96 per share, at a market value of $74.3 billion, but as of Thursday morning each share was valued at $139.84, the lowest in over a year, at a market value of $64.54 billion.
At first, Target tried to double down on its promotion of sexual deviancy and grooming but reportedly started to remove some of the pro-LGBT items from its stores, hoping to avoid the “Bud Light treatment.” Some stores, it seems, didn’t get the message.
Bud Light’s parent company — Anheuser-Busch InBev — is not doing that great either. According to the Daily Wire, a new report from Investor’s Business Daily estimates that since Apr. 1 — the day when the controversy around Dylan Mulvaney exploded — the company’s market value has plunged a staggering $15.7 billion.
“We believe there is a subset of American consumers who will not drink a Bud Light for the foreseeable future,” Jared Dinges, beverage analyst at JPMorgan Chase, said this Tuesday.
“Shares [of Anheuser-Busch] have underperformed EU Beer peers by 15% since the start of April. We do not expect the lost sales to be recovered in fiscal year 2024.”
Anson Frericks, the former president of sales and distribution for Anheuser-Busch, also recently predicted that the company is in a very bad position right now, adding that the company will face “a long, hot, dry summer.”
“I think that you’re going to see sales continue to be down because… it’s too easy for [customers] to switch to other brands, and they’re seeing the impact of their results,” he said.