2023 Bud Light boycott

A boycott on Bud Light, the top beer brand in the United States, began in April 2023. The boycott began in response to a social media promotion the company conducted with actress and TikTok personality Dylan Mulvaney, a transgender woman.

On April 1, as part of a larger campaign to address Bud Light's decline in sales and attract younger audiences, Mulvaney promoted the company's Bud Light beer brand in a short video on her Instagram account during March Madness. The video triggered a backlash from American conservatives, including singer Kid Rock, who helped instigate a boycott against Bud Light and Anheuser-Busch more broadly. Proponents of the boycott described the sponsorship as "political" because it involved a transgender woman who had previously advocated for transgender rights. Several media outlets, including the Los Angeles Times and NBC News, described the backlash as anti-trans.

In the month following the advertisement, Bud Light's sales fell between 11 and 26%, while Anheuser-Busch's sales fell about 1%. In May 2023, AB InBev's stock price fell 20%, enough for it to be classified as a bear stock by Forbes. HSBC Securities downgraded its rating on the company from 'Buy' to 'Hold'. CNBC estimated that in May AB InBev's sales fell 18%. In May 2023, Bud Light lost its status as the top-selling beer in the United States—a spot it had held for 20 years—to Modelo Especial.