On April 1, as part of a larger campaign to address Bud Light's decline in sales and attract younger audiences,[1][4] Mulvaney promoted the company's Bud Light beer brand in a short video on her Instagram account during March Madness.[5] 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.[4][6][7] Proponents of the boycott described the sponsorship as "political" because it involved a transgender woman who had previously advocated for transgender rights.[8] Several media outlets, including the Los Angeles Times and NBC News, described the backlash as anti-trans.[4][9]
In the month following the advertisement, Bud Light's sales fell between 11 and 26%,[10][11][12] while Anheuser-Busch's sales fell about 1%.[13][14] 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'.[15][16]CNBC estimated that in May AB InBev's sales fell 18%.[17] 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.[18][19]