Despite an ongoing boycott against Bud Light, which has led to parent company Anheuser-Busch InBev losing about $27 billion in market value over the last two months, the brand doubled down on its support for the LGBT community this week.
Bud Light announced on Tuesday it would continue its partnership with the National LGBT Chamber of Commerce and donate $200,000 to the business advocacy organization to support its initiative focused on the minority LGBTQ+ business community.
“Today, Bud Light and the National LGBT Chamber of Commerce (NGLCC), the exclusive certifying body for LGBT-owned businesses, announce they are extending their partnership to continue supporting economic opportunities and advancements for LGBTQ+ Americans and business owners across the country,” Anheuser-Busch said in a statement.
“Anheuser-Busch is committed to the programs and partnerships they have forged over decades with organizations to drive economic prosperity across a number of communities,” the statement continued. “Anheuser-Busch has a strong track record of industry leadership in supporting the LGBTQ+ community. Over the past 20 years Anheuser-Busch has supported both local and national non-profit organizations that are committed to advocating for LGBTQ+ equality.”
The NGLCC said it was “honored” to have Bud Light’s support.
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“We appreciate the brand’s ongoing efforts to bolster our Communities of Color Initiative that empowers and supports both minority LGBTQ+ business owners and entrepreneurs, as well as the vital roles they play in communities across the United States,” NGLCC said.
Meanwhile, Bud Light's decision to partner with transgender influencer Dylan Mulvaney has taken a drastic toll on the brand and Anheuser-Busch as a whole. Its stock is down 19.98 percent from a high in March, which means it's nearing an official bear market, Fox Business reports. Additionally, sales volumes for Bud Light are down 29.5 percent from a year ago for the week ending May 20.
News of Bud Light's continued support for NGLCC comes after the brand and its parent company are also sponsoring several "pride" events across the country this month.
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