Bill Gates Makes a Bold Bet on Anheuser-Busch, Bud Light

Last month, Anheuser-Busch reported that its U.S. revenue had declined by 10.5% in the second quarter of 2023, primarily due to the declining sales of Bud Light. Sales to U.S. retailers saw a 14% decrease, underperforming the broader beer industry, with a revenue drop of $395 million in North America compared to the same period the previous year.

However, one notable billionaire, Bill Gates, seems optimistic about the beer brand’s future.

In the previous quarter of 2023, the Bill and Melinda Gates Foundation Trust acquired 1.7 million shares of Anheuser-Busch, worth about $95 million, according to an SEC filing.

Related: ‘You Need to Stand for Your Values’: Heineken CEO Talks Bud Light Beer Sales Decline

Gates made the stock purchase around the time when Anheuser-Busch reported its second-quarter earnings last month and, despite the investment, has incurred losses on the move thus far — the company’s stock has declined nearly 2% since his purchase and dropped 7% for the year, CNN reported.

Since Bud Light’s collaboration with transgender influencer Dylan Mulvaney last spring, Bud Light has been embroiled in controversy, with some critics slamming the partnership and others slamming the response to the backlash.

Anheuser-Busch CEO Michel Doukeris, however, said on an earnings call in July that the boycotts and controversy have not significantly impacted the company’s sales. Doukeris stated that while he didn’t want to “minimize” the controversy, the dip in Bud Light’s U.S. sales in the first few weeks of April only accounted for 1% of the company’s total global revenue during that period.

“With this perspective, and in the context of our global business, we believe we have the experience, the resources and the partners to manage this,” Doukeris said at the time.

Related: Kevin O’Leary Slams Anheuser-Busch CEO’s Listening Tour, Says It Won’t Stop Bud Light Backlash for One Huge Reason

Source link:




Nets Notes: What led to HC Jacque Vaughn’s firing, GM Sean Marks’ future

A few notes on the Nets and former head coach Jacque Vaughn:BROKEN BRIDGESMikal Bridges didn’t mention Vaughn by name last week. But he...

Stuart Hogg reacts as Hawick memorial defaced with abusive remarks about him

Former Scotland captain Stuart Hogg has hit back at vandals who defaced a memorial in his hometown, Hawick, with a vulgar message...

Gael Monfils comments on Paula Badosa & Stefanos Tsitsipas being new tennis couple

Gael Monfils comments on Paula Badosa & Stefanos Tsitsipas being new tennis couple (Provided by Tennis World USA) Gael Monfils has told Paula...

Michael Keane redeems himself to give Everton hope of safety

07:30 PMKane on Conte's exitHe had his opinions on the matter and obviously it was an emotional moment after a disappointing end to...

Paul Reed touches on his improved offensive understanding to help Sixers

CAMDEN, N.J.–Philadelphia 76ers big man Paul Reed continues to take strides out on the floor. The third-year man out of DePaul has always...