Benzinga - by Chris Katje, Benzinga Staff Writer.
Leading beer company Anheuser-Busch InBev (NYSE:BUD) had levels of defeat in 2023 after calls for boycotts hurt sales and took market share after the company partnered with a transgender activist.
The company's share price rebounded and could be getting a lift from former President Donald Trump.
What Happened: On Tuesday, Trump took to his Truth Social platform to encourage his fans and followers to consider drinking Bud Light once again.
"The Bud Light ad was a mistake of epic proportions, and for that a very big price was paid," Trump said.
The former president added that Anheuser-Busch is "not a Woke company."
The post went on to celebrate several things that Anheuser-Busch does including helping farmers, employing American workers, employing veterans and providing scholarships for families of fallen servicemen and servicewomen.
"Anheuser-Busch is a Great American Brand that deserves a Second Chance."
While the post sounded like a celebration of the company, it may have aligned with a 2024 election fundraiser for Trump.
According to a report from Politico, Trump made the post on Truth Social ahead of an upcoming fundraiser with Jeff Miller. Politico said Miller is a top Republican lobbyist for Anheuser-Busch. Miller is also hosting a fundraiser for Trump in March with tickets going for up to $10,000.
The fundraiser event will feature members of Congress and the Republican party along with Trump's son Donald Trump Jr., who has also previously come to the defense of the beer company.
Miller and Anheuser-Busch did not provide comment to Politico on the report. Lobbying disclosure filings found by Politico said the beer company paid Miller's firm $260,000 in 2023.
Related Link: Truth Social Testing Video Streaming, Could Trump’s Company Hurt Its Partner Rumble?
Why It's Important: The comments made by Trump are similar in nature to ones made by musician and Trump supporter Kid Rock, who played a role in the boycott of the beer brand.
Kid Rock was previously seen shooting Bud Light cans of beer with an assault rifle on his property.
"F*** Bud Light and F*** Anheuser-Busch," Kid Rock said in the video.
In a December 2023 interview with Tucker Carlson, Kid Rock said he was no longer boycotting Bud Light or Anheuser-Busch InBev.
"They deserved a black eye and they got one," Kid Rock said in the interview. "Yes, it was a mistake. I think they got the message."
Anheuser-Busch has made several moves to win back fans including partnering with musicians, athletes and partnering with the UFC sports league.
Trump's post on Truth Social boosted shares of the beer stock on Wednesday with a large volume spike after his post. Owned by Trump Media & Technology Group, which is merging with Digital World Acquisition Corporation (NASDAQ:DWAC), Truth Social is the preferred social media messaging platform of Trump, where he has 6.6 million followers.
BUD Price Action: Anheuser-Busch InBev shares are up 2.84% to $65.54 on Wednesday versus a 52-week trading range of $51.66 to $67.09.
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