Conservatives’ Boycotts Wipe Off Billions From Target and Bud Light Valuations, More Brand Battles Upcoming
Major brands such as Bud Light and Target, among others, are facing immense backlash from supporting LGBTQ causes, with the market capitalization of the firms crashing by double digits in recent weeks.
Stores of Target were boycotted after the retail giant rolled out its Pride collection at the beginning of May, including some items targeted at children. Between May 1 and May 30, Target’s market capitalization fell from $72.52 billion to $61.78 billion—a decline of 14.80 percent. Bud Light became a target after partnering with transgender social media personality Dylan Mulvaney in a promotional campaign in April. Between April 3 and May 30, the market cap of Anheuser-Busch, which owns Bud Light, fell from $132.06 billion to $108.19 billion—a decrease of over 18 percent….