Business
business

Bud Light in one chart: A terrible, horrible, no good, very bad year

Bud Light, which was the most popular beer in the US less than two years ago, now sits in third place. 

The American beer brand took a big hit in April 2023, after it partnered with a transgender social media influencer, Dylan Mulvaney. Conservative consumers launched a boycott that pushed its market share below Modelo Especial (a Mexican beer licensed in the US by Constellation Brands) in just a few months. 

As of this summer, Bud Light has also fallen behind its sister brand Michelob Ultra, according to Nielsen IQ market data analyzed by the consulting firm Bump Williams. Both beers are owned by Anheuser-Busch InBev.

While the boycott may have pushed Bud Light over the edge, consumer trends were already trending away from domestic brews.

Americans are also generally drinking less beer than they used to, and are increasingly preferring lighter brews and imports. In May, the US imported more than 125.3 million barrels of beer, up 9% from last year, according to US Department of Commerce data compiled by the Brewers Association.

While the boycott may have pushed Bud Light over the edge, consumer trends were already trending away from domestic brews.

Americans are also generally drinking less beer than they used to, and are increasingly preferring lighter brews and imports. In May, the US imported more than 125.3 million barrels of beer, up 9% from last year, according to US Department of Commerce data compiled by the Brewers Association.

More Business

See all Business
business

How Tesla quietly wound up owning a small piece of SpaceX

Tesla is converting its recent $2 billion investment in Elon Musk’s AI company, xAI, into a small ownership stake in SpaceX — just months before the rocket maker’s highly anticipated IPO.

Here’s what happened: Tesla announced its xAI investment in late January, after a shareholder proposal to invest fell short last year. Several days later, xAI merged with SpaceX. All three companies are headed by Musk.

Now, regulatory filings with the Federal Trade Commission show Tesla converting that investment into a small stake in SpaceX, formalizing the financial link between the companies ahead of the rocket maker’s IPO. SpaceX is expected to go public this year at a potential valuation some speculate could top $1.75 trillion, potentially making it the biggest company to ever go public. (The current record holder, Saudi Aramco, went public at a more than $1.7 trillion valuation in 2020.)

While the size of Tesla’s stake wasn’t available, Bloomberg reports that the investment would equate to ownership of less than 1%.

While SpaceX and Tesla have engaged in related-party transactions over the years, Tesla had not previously disclosed an equity investment in SpaceX.

Now, regulatory filings with the Federal Trade Commission show Tesla converting that investment into a small stake in SpaceX, formalizing the financial link between the companies ahead of the rocket maker’s IPO. SpaceX is expected to go public this year at a potential valuation some speculate could top $1.75 trillion, potentially making it the biggest company to ever go public. (The current record holder, Saudi Aramco, went public at a more than $1.7 trillion valuation in 2020.)

While the size of Tesla’s stake wasn’t available, Bloomberg reports that the investment would equate to ownership of less than 1%.

While SpaceX and Tesla have engaged in related-party transactions over the years, Tesla had not previously disclosed an equity investment in SpaceX.

Southwest Airlines At San Diego International Airport

Southwest stopped fuel hedging a year ago. Whoops.

It’s been a year since Southwest said it would end its fuel-hedging program. Oil’s moves this year make that decision look like a mistake.

Latest Stories

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, or Robinhood Money, LLC.