The parallels to the Bud Light disaster aren't subtle. In 2023, Bud Light partnered with Mulvaney, a man who gained a major following on Instagram by pretending to be a woman. The partnership resulted in major blowback by Bud Light consumers, and demand for the product got so low the product literally had to be given away for free. The ill-advised partnership cost Anheuser-Busch billions in market share, and Bud Light lost its status as America's favorite beer.