Business

King of beers no more: How Bud Light lost its crown on August 3, 2023 at 10:00 am Business News | The Hill

Published

1 year ago

August 3, 2023

Bud Light has been locked for months in a contentious dispute with its consumer base over a brief partnership with transgender influencer Dylan Mulvaney that has cost the brand and its parent company, Anheuser-Busch, billions in market value.

The brewing giant this week said it plans to lay off hundreds of U.S. corporate employees in an announcement that was celebrated by conservative leaders who have voiced opposition to Bud Light’s partnership with Mulvaney and the expansion of transgender rights more broadly. The company did not mention Mulvaney or the ongoing controversy in its announcement.

Mulvaney, a transgender influencer who has shared her transition journey with followers online, in April shared a sponsored post to her Instagram page promoting Bud Light’s annual March Madness sweepstakes, kicking off a deluge of conservative criticism over the company’s partnership with an openly transgender woman.

Right-wing celebrities, media personalities and even politicians responded to Mulvaney’s post by uploading videos of themselves destroying cases of Bud Light to social media and calling for a nationwide boycott of the beer, which had at that point enjoyed a 22-year reign as the nation’s best-selling beer.

Conservative pundit Ben Shapiro decried Bud Light’s partnership with Mulvaney during an April 3 episode of his radio show, repeatedly misgendering Mulvaney and telling his listeners that they are being “forced to consume” products from companies including Anheuser-Busch that believe “men are women and women are men.”

The same day, singer-songwriter Kid Rock in a video posted to Instagram and X, the platform formerly known as Twitter, shot four cases of Bud Light with what appeared to be a semi-automatic rifle.

“F— Bud Light and f— Anheuser-Busch,” he said in the video, which has been viewed more than 53 million times on X and more than 1.8 million times on Instagram.

In an April 5 statement on X, country music star Travis Tritt said all Anheuser-Busch products would be removed from his upcoming tour. “I know many other artists who are doing the same,” he said.

Other conservative figures publicly mischaracterized the brand’s brief partnership with Mulvaney – which consisted of a single 50-second Instagram video and an Instagram story post that disappeared after 24 hours – as a much larger marketing campaign meant to make both Bud Light and Mulvaney money.

The brand as part of the partnership also sent Mulvaney a custom Bud Light can with an illustration of her face on it, which was not commercially available.

Sales of Bud Light have dipped substantially since April, in part because of the backlash but also because beer has been steadily losing market share for the better part of the last decade (from 2011 to 2021, Anheuser-Busch fell from 46.9 percent of the market to 38.6 percent).

Bud Light was unseated by Mexico’s Modelo Especial as the nation’s best-selling beer in May, with sales down nearly 25 percent from one year ago.

While it’s likely neither Bud Light nor Mulvaney anticipated the scale of the backlash or the financial fallout, the response from conservatives is not entirely unprecedented. The catchphrase “Go Woke, Go Broke” has been used in right-wing circles since at least 2018 to criticize corporations that align themselves with progressive causes.

Conservatives last year threatened to boycott Disney after the company spoke out publicly against Florida’s Parental Rights in Education bill – known to its critics as the “Don’t Say Gay” bill for its heavy restrictions on talk of sexual orientation and gender identity in public school classrooms.

In June, similar outrage was directed at retail giants Target and Kohl’s for selling LGBTQ Pride-themed merchandise. The British footwear company Dr. Martens this week received conservative backlash for sharing an Instagram photo of a pair of boots painted with an illustration that showed a person with top surgery scars.

Transgender rights have also in recent years become a focal point of conservative politics in the U.S. This year alone, 566 bills targeting transgender Americans were introduced in 49 states, most of them by Republicans, who in a Pew Research Center poll conducted last year were most likely to say society has “gone too far” in accepting transgender people.

Two weeks after Mulvaney’s Instagram post, Anheuser-Busch CEO Brian Whitworth responded to the backlash with a written statement that distanced the company from the influencer.

“We never intended to be part of a discussion that divides people,” Whitworth wrote in the April 14 statement, which does not mention Mulvaney or the backlash outright. “We are in the business of bringing people together over a beer.”

The same day, Bud Light’s social media accounts posted for the first time since the controversy began, opening the floodgates to users determined to make their position on the company’s partnership with Mulvaney known. A simple “TGIF?” tweet garnered more than 33,000 replies, many of them referencing Mulvaney. The post has been viewed more than 12.5 million times.

In addition to conservative critics, those who support Bud Light’s partnership with Mulvaney and transgender rights more broadly have also played a role in the beverage’s fall from grace.

Virtually all sides in the debate have criticized Anheuser-Busch’s relatively tepid response to the backlash as insufficient for not taking a firm stance either way.

The Human Rights Campaign, the nation’s largest LGBTQ civil rights group, in May suspended its benchmark equality and inclusion rating for Anheuser-Busch, citing the company’s handling of the backlash. The previous month, the organization, in a letter to an Anheuser-Busch executive, admonished the company’s lukewarm response, including Whitworth’s April 14 statement.

“In this moment, it is absolutely critical for Anheuser-Busch to stand in solidarity with Dylan and the trans community,” the letter said.

Anheuser-Busch since sales began falling in April has attempted to court both liberals and conservatives to recoup some of its losses. In June, the company aired a series of television ads leaning into football and country music – themes that resonate with conservatives.

Also in June, Anheuser-Busch told the Daily Beast it is “committed to the programs and partnerships we have forged over decades with organizations across a number of communities, including those in the LGBTQ+ community.”

Still, sales of Bud Light remain soft. For the four weeks ending July 1, Modelo Especial captured 8.7 percent of overall beer sales, compared to Bud Light’s 7 percent share, CNN reported last month.

For her part, Mulvaney has remained relatively quiet on the issue, absent the handful of mental health updates she’s shared with her followers since April. She explicitly addressed the ongoing controversy in a June TikTok video that criticized Bud Light and Anheuser-Busch’s failure to publicly support her and the transgender community at large in the face of a widespread hate campaign.

“For a company to hire a trans person and then not publicly stand by them is worse in my opinion than not hiring a trans person at all because it gives customers permission to be as transphobic and hateful as they want,” Mulvaney said. “And the hate doesn’t end with me. It has serious and grave consequences for our community.”

“To turn a blind eye and pretend everything is OK, it just isn’t an option right now,” she said.

–Updated at 6:21 a.m.

State Watch, Business, LGBTQ, News, Anheuser-Busch, Bud Light, Dylan Mulvaney, Kid Rock, LGBTQ rights, Transgender rights Bud Light has been locked for months in a contentious dispute with its consumer base over a brief partnership with transgender influencer Dylan Mulvaney that has cost the brand and its parent company, Anheuser-Busch, billions in market value. The brewing giant this week said it plans to lay off hundreds of U.S. corporate employees in an announcement…

Business

David Sacks: The New White House AI and Crypto Czar

Published

3 weeks ago

December 6, 2024

Bolanle Media Staff

According to CNBC and NBC News, David Sacks, a prominent venture capitalist and former PayPal executive, has been appointed as the White House AI and Crypto Czar by President-elect Donald Trump. This newly created position underscores the incoming administration’s focus on artificial intelligence and cryptocurrency as critical areas for American competitiveness.

Role and Responsibilities

Sacks will be tasked with several key responsibilities in his new role:

Guiding policy for the administration in AI and cryptocurrency
Establishing a legal and regulatory framework for the cryptocurrency industry
Safeguarding free speech online, and steering away from Big Tech bias and censorship
Leading the Presidential Council of Advisors for Science and Technology

Trump emphasized that Sacks will focus on making America the clear global leader in both AI and cryptocurrency.

Background and Qualifications

David Sacks brings a wealth of experience to his new position:

Former Chief Operating Officer of PayPal
Founder of Yammer, which was sold to Microsoft for $1.2 billion in 2012
Co-founder of Craft Ventures, a venture capital firm
Investor in major tech companies including SpaceX, Palantir, Uber, and Airbnb

Sacks is also known for his close associations with tech entrepreneurs like Elon Musk and Peter Thiel, being part of the “PayPal Mafia“.

Political Involvement

Sacks has been a vocal supporter of Trump during his campaign:

Hosted a fundraiser for Trump at his San Francisco estate, with tickets priced at $50,000 each and a more exclusive $300,000 tier
Delivered a speech at the Republican National Convention in Milwaukee in July 2024
Wrote a detailed essay on X explaining his reasons for supporting Trump

Implications for AI and Crypto Industries

The appointment of Sacks signals a potential shift towards more crypto-friendly policies and regulatory clarity for the digital asset industry. This move, along with Trump’s nomination of crypto advocate Paul Atkins to head the Securities and Exchange Commission, marks a departure from the stricter oversight approach seen under the previous administration.

As the White House AI and Crypto Czar, Sacks is expected to play a crucial role in shaping the future of these rapidly evolving technologies in the United States, potentially influencing their development and adoption on a global scale.

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Business

Bitcoin Surpasses $100,000 Milestone: A New Era for Cryptocurrency

Published

3 weeks ago

December 5, 2024

Bolanle Media Staff

In a historic moment for the cryptocurrency world, Bitcoin has officially surpassed the $100,000 mark, reaching a new all-time high and solidifying its position as a major player in the global financial landscape. This milestone comes amid a surge of investor enthusiasm and significant market developments.

The Breakthrough

Bitcoin breached the $100,000 threshold in the early hours of December 5, 2024, climbing to approximately $103,000 before experiencing a slight pullback, according to BBC News. This remarkable achievement represents a culmination of Bitcoin’s impressive performance throughout 2024, with the cryptocurrency’s value on an upward trajectory for most of the year.

Factors Driving the Surge

Several key factors have contributed to Bitcoin’s meteoric rise:

Political Influence: The recent U.S. presidential election, with Donald Trump’s victory, has played a significant role in boosting Bitcoin’s price. Trump’s pro-cryptocurrency stance and his promise to make the U.S. a “crypto capital” have fueled investor optimism, according to BBC News and AP News.
Regulatory Developments: According to AP News, the imminent appointment of Paul Atkins, a former SEC commissioner known for his crypto-friendly views, as the next chair of the Securities and Exchange Commission has been seen as a positive sign for the cryptocurrency industry.
Institutional Adoption: According to BBC News, the approval of spot Bitcoin exchange-traded funds (ETFs) by the SEC has allowed major investment firms like Blackrock, Fidelity, and Grayscale to offer Bitcoin-linked products, attracting billions in investments.
Market Dynamics: The recent Bitcoin halving event, which reduced the rate of new Bitcoin creation, has contributed to increased scarcity and demand.

Expert Opinions and Predictions

Analysts and industry experts have weighed in on Bitcoin’s future prospects:

Dan Coatsworth, an investment analyst at AJ Bell, described the $100,000 milestone as a “magic moment” for Bitcoin.
Ryan Lee of Bitget Research suggested that Bitcoin’s momentum could propel it well above $100,000 by the end of the year, citing historical patterns and post-halving cycle trends.
Bitfinex analysts expect Bitcoin to continue accumulating and ranging, with potential for further growth in the coming months.

Cautions and Considerations

While the mood is largely optimistic, experts also urge caution:

Carol Alexander, a finance professor at Sussex University, warned that while Bitcoin’s price may continue to rise, many younger investors speculating on meme coins are facing losses.
According to BBC News and AP News, the cryptocurrency’s notorious volatility remains a concern, with some analysts reminding investors that Bitcoin does not function like conventional currencies and lacks traditional investor protections.

Looking Ahead

As Bitcoin enters this new phase, the cryptocurrency community is abuzz with speculation about its future trajectory. While some predict further gains, others caution against overexuberance. The coming months will likely be crucial in determining whether Bitcoin can sustain its position above $100,000 and potentially reach even greater heights.

With increased institutional involvement, evolving regulatory landscapes, and growing mainstream acceptance, Bitcoin’s journey past the $100,000 mark may well be just the beginning of a new chapter in the cryptocurrency’s history.

Business

The Cities Bracing for Trump’s Immigration Crackdown

Published

2 months ago

November 8, 2024

Bolanle Media Staff

In the wake of Donald Trump’s recent election victory and his promise of “the largest deportation operation in American history,” several major U.S. cities are bracing for potentially seismic shifts in their economic and social landscapes. As the nation grapples with the implications of this proposed policy, urban centers that have long been havens for immigrant communities find themselves at the epicenter of a looming storm.

Los Angeles, often dubbed the “City of Angels,” stands to lose more than its celestial nickname suggests. As a primary gateway for immigrants, the city’s vibrant tapestry of cultures and its economic engine could face significant disruption. From the bustling streets of Koreatown to the sun-drenched orchards of the Central Valley, the absence of undocumented workers could leave gaping holes in the city’s workforce and cultural identity.

Across the country, New York City, with its iconic skyline and melting pot reputation, faces its own reckoning. The Big Apple’s 5.9 million immigrants, many of whom are undocumented, form the backbone of industries ranging from construction to healthcare. The potential exodus could transform neighborhoods like Jackson Heights and Flushing, altering the very essence of what makes New York a global city.In the Sunshine State, Miami’s tropical allure belies the turbulent times ahead. Home to 2.5 million immigrants, the city’s economy relies heavily on sectors like tourism and hospitality – industries where undocumented workers often fill crucial roles. The potential deportation of these workers could send shockwaves through Miami’s economic ecosystem, from South Beach’s glitzy hotels to the agricultural heartlands of South Florida.

Chicago, the “City of Big Shoulders,” may find those shoulders significantly weakened. With 1.7 million immigrants in its metropolitan area, the Windy City’s diverse neighborhoods and industries face an uncertain future. From the meatpacking plants to the tech startups, Chicago’s economic resilience could be tested like never before.

In the Lone Star State, Houston and Dallas stand as twin testaments to the complexities of immigration policy. These Texas titans, each home to large immigrant populations, could see their booming economies stumble. The construction sites that dot their ever-expanding skylines and the service industries that keep these cities humming could face unprecedented labor shortages.

Out West, the San Francisco Bay Area’s reputation as a bastion of innovation and progress could be challenged. The region’s tech industry, often reliant on immigrant talent, might find itself grappling with a new reality. From Silicon Valley’s coding campuses to the agricultural expanses of the Central Valley, California’s economic powerhouse could face a reckoning. Phoenix, rising from the Sonoran Desert, could see its growth trajectory altered. As Arizona’s urban center, it stands at the forefront of the immigration debate, potentially facing not just economic impacts but social and political upheaval as well.

These cities, along with others like San Diego and Las Vegas, are not just facing potential economic disruptions. They are staring down the barrel of profound social change. Family separations, community fragmentation, and the erosion of cultural enclaves built over generations are all possible consequences of mass deportations. Moreover, the fiscal implications are staggering. Undocumented immigrants contribute billions in taxes annually, often without receiving the full benefits of their contributions. Their sudden absence could leave gaping holes in city budgets, potentially affecting public services and infrastructure projects.

As these urban centers brace for impact, the debate rages on. Supporters of stricter immigration policies argue for the need to enforce laws and protect American jobs. Critics warn of economic devastation and the unraveling of America’s urban fabric. What’s clear is that America’s cities stand at a crossroads. The coming months and years will likely reshape urban landscapes in ways both visible and invisible. From the foods we eat to the services we rely on, from the neighborhoods we call home to the very character of our cities, the impacts of this proposed immigration crackdown could be far-reaching and long-lasting. As the nation watches and waits, these cities – vibrant, diverse, and economically vital – find themselves on the front lines of a policy that could redefine what it means to be an American city in the 21st century.

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