Mexican lager Modelo Especial became the top-selling beer for 2023 after beating Bud Light in sales for months.
The backlash against Bud Light and Anheuser-Busch began in early April, not long after the company created and sent custom beer cans to internet influencers.
Sales took a clear hit. Anheuser-Busch InBev reported a steep drop in profits as a result of the boycott, with U.S. revenue dropping 10.5% in the second quarter, while earnings before taxes, interest and depreciation fell 28.2%. The company has laid off hundreds of workers amid the fallout.
Many are predicting that this could be the end of Bud Light as a brand. However, The Bill and Melinda Gates Foundation Trust last quarter bought 1.7 million shares of Anheuser-Busch, valued at around $95 million, according to a regulatory filing, signaling that Gates has confidence in the beer company that has been dealing with a steep sales slump of one of its biggest beers.
