Anheuser-Busch InBev stock prices are inching closer to what they were last year before sales tanked, thanks at least in part to a recent endorsement by former President Donald Trump.
Trump praised the company on social media on Tuesday, helping push Anheuser-Busch stock prices up about $2, or almost 3%, that day.
And they have continued to increase, closing at $65.61 on Thursday, close to last year’s high of $67.09 a share.
Still, experts say it is too early to tell if Trump’s seal of approval will impact beer sales.
“It will be interesting to see if there is any improvement,” David Steinman, Beer Marketer’s Insights executive editor said. “Trends have remained similar since April but that doesn’t take into account this latest incident. Stocks are up so it seems like the reaction could be a positive thing.”
Trump took to his social media platform, Truth Social, on Tuesday, and urged his followers to forgive the Belgium-based brewer after the company sent a personalized Bud Light can to transgender influence Dylan Mulvaney as part of an advertising campaign.
“The Bud Light ad was a mistake of epic proportions, and for that a very big price was paid, but Anheuser-Busch is not a Woke company,” Trump wrote.
“Anheuser-Busch is a Great American Brand that perhaps deserves a Second Chance?” he continued. “What do you think? Perhaps, instead, we should be going after those companies that are looking to DESTROY AMERICA!”
Trouble began brewing for the company when Anheuser-Busch InBev sent the personalized can of Bud Light — emblazoned with a picture of Mulvaney — to her as part of a marketing campaign last April.
Some, including celebrities like Kid Rock, called for a boycott of Bud Light, though the musician in December said he was done boycotting the beer.
In the months that followed the partnership, sales plummeted 30% and, over the summer, Modelo Especial dethroned Bud Light for the first time in over two decades as the bestselling beer in America.
In response, the company has doubled down on advertisements and promotions in country music and sports. It has a new sponsorship deal with mixed martial arts promoters UFC, a partnership with country singer Zach Bryan and multiple humorous upcoming Super Bowl ads.
Trump noted Anheuser-Busch’s work in his post.
“Anheuser-Busch spends $700 Million a year with our GREAT Farmers, employ 65 thousand Americans, of which 1,500 are Veterans, and is a Founding Corporate Partner of Folds of Honor, which provides Scholarships for families of fallen Servicemen & Women,” Trump wrote.
This post came hours after Jeff Miller, a lobbyist associated with Kevin McCarthy, announced on X, formerly Twitter, that he was hosting a fundraiser for the former president in March.
Anheuser-Busch paid Miller’s firm $260,000 for services last year, according to public records.
While it’s not uncommon for large brewers to make campaign donations to politicians, Trump’s public support of Bud Light certainly stands out, said Steinman, the beer editor.
“It’s not everyday Trump, or any former president, comes out in support of a beer like this,” Steinman said.
On X, Trump saw support from transgender celebrity Caitlyn Jenner.
“They made a huge mistake and have paid a large price,” Jenner wrote on Tuesday. “I think it is time to move forward — I am saying we should focus on big picture … agreeing with 45!”
Last quarter, Anheuser-Busch reported that U.S. revenue declined more than 13% as a result of ongoing lower Bud Light sales.
Anheuser-Busch did not immediately respond to a request for comment.
Anheuser-Busch stock traded just above $64.50 at midday Friday.
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