The Bud Light brand has had a difficult year. Following a widespread boycott over a commercial with transgender influencer Dylan Mulvaney, the brand was dethroned as America’s favorite beer in June.
Melinda and Bill Gates Foundation Trust is backing Bud Light (Photo: PML Daily)
Anheuser-Busch InBev (AB InBev), which faced charges of abandoning Mulvaney from people on the other side of the dispute, was forced to shed hundreds of jobs and take a $400 million damage as a result of the backlash.
In the recent published article by Fortune, according to a recent Securities and Exchange Commission (SEC) filing, the Melinda & Bill Gates Foundation Trust purchased 1.7 million AB InBev shares in the second quarter for over $96.6 million.
The Melinda and Bill Gates Foundation established the Foundation Trust to administer the charity’s endowment funds. Cascade Management Company manages the organization’s assets while the former couple serve as trustees.
The Melinda and Bill Gates Foundation’s spokesman did not immediately respond to Fortune’s request for comment. AB InBev, the world’s largest brewer with over 500 brands including Corona, Stella Artois, and Hoegaarden, announced last month that its second-quarter revenue in the United States had dropped 10.5% due to blowback from its relationship with Mulvaney.
READ ALSO: US Future Weapons: A Glimpse Into The US Military’s Upcoming Arsenal Of 15 Cutting-Edge Weapons
After sending a customized can of beer to Mulvaney for a social media commercial, the brand was met with harsh criticism and a boycott.
According to Yahoo Finance, the company’s stock has lost more than 9% of its value in the last six months. However, AB InBev shares have gone modestly upward since the end of the period in which the Melinda and Bill Gates Foundation Trust made its investment in the Bud Light maker.
During early trading on Wednesday, the company’s stock rose slightly more than 1% to roughly $52.50. According to a recent Deutsche Bank survey, American consumers are tentatively returning to Bud Light and lifting their boycott of the brand.
Despite claiming to be a “not-so-big beer drinker,” Microsoft cofounder Bill Gates has previously invested in the business. He bought a $902 million stake in Heineken, the world’s second-largest brewer, earlier this year.
READ ALSO: Tropical Storm Lee Forms; Lee Is Expected To Be Major Hurricane By Weekend, Forecasters Says
