Anheuser-Busch CEO Michel Doukeris has denounced the partnership between Bud Light and trans TikToker Dylan Mulvaney that resulted in billions of dollars in lost market value, claiming that it was "not a campaign."
Doukeris told investors in a Thursday earnings call that there was "misinformation" being spread on social media in regard to the Mulvaney partnership, according to Fox Business.
"We need to clarify the facts that this was one can, one influencer, one post, and not a campaign," Doukeris said.
The CEO said that Anheuser-Busch is "providing direct financial support" to those being affected by the boycott, including delivery drivers, sales representatives, bar owners, servers, and wholesalers.
Doukeris said that the company would be tripling media spending for Bud Light advertising over the summer in an attempt to recoup losses, and that despite it being too early to tell how the boycott affected Bud Light sales, he was positive that Anheuser-Busch would quickly recover.
"We believe we have the experience, the resources, and the partners to manage this. And our four-year growth outlook is unchanged," Doukeris said.
"We want to reiterate our support for our wholesaler partners and everyone who brings our great beers to the market. I can tell you that we have the agility, resources, and people to support the U.S. team and move forward," he added.
"We will continue to learn, meet the moment in time, all be stronger and we work tirelessly to do what we do best: Bring people together over a beer and creating a future of more cheers."
Mulvaney was sent a personalized Bud Light can to celebrate the biological male TikToker reaching "365 days of girlhood."
Backlash to the video quickly spread, with Anheuser-Busch losing a whopping $6 billion in market cap.
Doukeris’ earnings call comes as the Bud Light parent company has vowed to send free beer to vendors in an attempt to make amends.
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