Bill and Melinda Gates’ foundation recently made a significant investment in Anheuser-Busch, the parent company of Bud Light. The foundation purchased 1.7 million shares of Anheuser-Busch, amounting to approximately $96 million, according to a regulatory filing.
This investment comes at a time when Anheuser-Busch has faced financial challenges due to backlash surrounding its partnership with trans model and influencer Dylan Mulvaney earlier this year. The controversy erupted when Bud Light sent a beer with Mulvaney’s name on it for her promotion, resulting in various reactions, including Kid Rock’s public display of frustration, bars refusing to carry the beer, and more.
Initially, Anheuser-Busch issued a statement in support of Mulvaney, but CEO Brendan Whitworth later stated, “We never intended to be part of a discussion that divides people. We are in the business of bringing people together over a beer.” The company also faced criticism for an ad that portrayed stereotypical American scenes and for placing two marketing executives on leave, one of whom oversaw the partnership with Mulvaney.
As a result of declining sales and the ongoing controversy, Anheuser-Busch had to lay off about 380 workers in July. The foundation’s investment in the company aims to boost its confidence amid these challenges.
It’s worth noting that this isn’t the first time Bill Gates has made investments in the beverage industry through the foundation’s trust. Despite the recent investment, Anheuser-Busch’s stock has experienced a nearly 2 percent decline since the purchase and is down by approximately 7 percent for the year.
While Anheuser-Busch navigates these difficulties, the foundation’s investment represents an effort to support the company during a challenging period.
Leave a Reply