An article from a website, Space X Mania, has been going viral, claiming that Elon Musk criticized Bud Light, which brought Budweiser’s shares significantly down. The article was initially published on July 6, 2023, but has been shared several times recently, which made the news go viral.
It talked about how the parent company of Budweiser, Anheuser-Busch, lost over $1 billion because of Elon Musk’s tweets. The article stated:
“The saga began with Musk’s criticism of Budweiser’s sister brand, Bud Light, over their recent marketing mishaps. In a tweet that caught the public’s attention, Musk advised his millions of followers not to drink Bud Light during the 4th of July celebrations. While it was unclear what prompted this public critique, the tweet quickly went viral, causing a significant blow to Bud Light’s sales.”It also mentioned how Musk’s tweets impacted the follower count of the brands on social media, as the brands received massive backlash following the tweets and criticism. However, there were no such tweets available on Elon Musk’s Twitter handle, and no other media house had reported the significant loss faced by the beverage brand.
At the same time, several other satirical news articles existed on Space X Mania, which proves that the website only publishes fake and satirical articles. Hence, the news about the stocks of Budweiser falling due to Elon Musk’s tweets can be assumed to be false and fake.
However, the company and its sister brand, Bud Light, suffered significantly in April when the company collaborated with trans activist and influencer Dylan Mulvaney.
Budweiser or Bud Light did not suffer huge losses due to Elon Musk’s tweets
There is no denying that Budweiser and its sister brand, Bud Light, have been in the news for a while. However, the fact that Elon Musk criticized the brand, which brought down its stocks and made the company suffer heavy losses, is fake and holds no truth. The website that published the news, Space X Mania, is a website that posts only satirical content, and hence, its About section also states:
“At our website, we pride ourselves on offering a unique perspective on the world of space exploration. Our satirical articles provide a fresh and entertaining take on the latest space news, while our analysis delves deep into the technical, financial, and political aspects of space travel.”Hence, the news is fake, as Elon Musk did not criticize Bud Light. However, the brand suffered deeply back in April of this year when they collaborated with trans influencer Dylan Mulvaney.
As the influencer posted a series of posts in collaboration with the brand, the netizens were left infuriated and labeled the beverage brand as a “woke” brand.
It made the brand and the parent company of Budweiser, Anheuser-Busch, suffer as many boycotted the brand, and as a result, the stocks and shares of the entire brand dipped. Fortune reported how the revenue dropped by 10.5% and the sales went down by 14% within a single week. Furthermore, in a few months, the retail sales of the brand came down to 42% due to the controversy.
However, none of the losses happened due to the Twitter CEO, Musk. This instance once again states how crucial it is to verify the source of the news before sharing it to stop the spread of misinformation. One should always look for reliable sources or report the news if it is found to be fake, as fake news can often mislead the masses.
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