Dylan Mulvaney has partnerships with these brands

The backlash against trans influencer Dylan Mulvaney and Bud Light is showing no sign of waning.

At the start of this month, Mulvaney, 26, shared a sponsored video on Instagram in which she revealed that the brand had sent her a personalized beer can to commemorate 365 days of living as a woman.

Mulvaney’s Days of Girlhood video series, which charts her first year of transitioning, has been a viral hit. “Bud Light sent me possibly the best gift ever—a can with my face on it,” she told her followers, before mentioning a promotion with the beer brand that is detailed on her profile.

In another video, which was shot in a bathtub, the TikTok star appears to be stuck on hold on the phone while near a stack of Bud Light beers. She opens a beer while waiting, then dances in the bath to the hold music.

The commercial partnership has been condemned by some celebrities and social media users, who have called for a boycott.

Musician Kid Rock shared footage of himself opening fire on a stack of Bud Light cans. Country music star Travis Tritt reacted by announcing that he would no longer sell Budweiser at his concerts. Caitlyn Jenner, who transitioned to female in 2015, recommended an alternative beverage brand as she commented on a Twitter post from British influencer Oli London.

A spokesperson for Bud Light’s owner, Anheuser-Busch, has told Newsweek that the “commemorative” can is typical of its work with “hundreds of influencers” across its brands “as one of many ways to authentically connect with audiences across various demographics.”

The spokesperson added that the commemorative can “was a gift to celebrate a personal milestone and is not for sale to the general public.”

In the days since the furor erupted, Mulvaney was unveiled as a sports bra model for Nike, sparking further outrage among her critics.

Newsweek has taken a look at the brands Mulvaney has partnered with.

Mulvaney’s Brand Partnerships

According to the New York Post, Mulvaney has earned more than $1 million through promoting brands on social media. These companies cover everything from fashion and skincare to grocery shopping. As well as Anheuser-Busch and Nike, they include:

• Aritzia
• CeraVe
• Crest
• Haus Labs
• Instacart
• K18 Hair
• Kate Spade
• KIND Snacks
• KitchenAid
• Ole Henriksen
• Rent the Runway
• Ulta Beauty

Mulvaney and Bud Light have also been showered with support from other celebrities and fans, while market analysts believe the impact on the company’s share price will be shortlived.

Anheuser-Busch’s market capitalization—the total value of its shares—had risen steadily since mid-March, topping out at more than $134 billion on March 31, according to figures by Macrotrends.

By April 10, its market cap had fallen to $130.8 billion. That said, stocks in the company were trading in the high €60 to €61 ($65.50 to $66.70) range until they dropped on April 11, suggesting that if the dip was linked to the Mulvaney uproar, it was a delayed reaction.

Anheuser-Busch stocks rose slightly on Tuesday afternoon before dropping again on Wednesday morning as the European markets opened. As of 6:30 a.m. ET, they were trading at around €59.10, a drop of about 3.3 percent on the previous day.

On Monday, Samuel O’Brient, a financial markets reporter at InvestorPlace, wrote that the stock drop appeared to be linked to the controversy over the company’s partnership with Mulvaney, but that “this fad isn’t likely to last long.”

O’Brient pointed out on Tuesday that the stock appeared to be rebounding and large investors in the company “remain bullish” about the asset. Among Anheuser-Busch’s top five investors, three had offloaded a small proportion of their shares in the beverage firm, while two added to their portfolio.

These rises and falls in value are fairly common for such a large company and could be construed as a normalization of stock prices after the peak in late March. Stocks had been rising from €47 in October and had spent much of the last six months trading at around €56-57.

This rise could be attributed to the company’s March 2 announcement that its revenue grew by 11.2 percent in 2022, from $54.3 billion in 2021 to $57.8 billion last year. At the same time, Anheuser-Busch told investors that it was predicting net earnings growth of between 4 and 8 percent in 2023.