What’s happening? Dylan Mulvaney, a transgender social media influencer, recently posted a video in partnership with Bud Light for March Madness showcasing a personalized can the company sent him to celebrate 365 days of Mulvaney’s “womanhood.” Mulvaney also shared videos wearing Nike athletic womenswear in collaboration with the company. Both of Mulvaney’s brand partnerships have prompted immense backlash.

The consequences: Anheuser-Busch, the brewing company behind Bud Light, has lost nearly $5 billion in value since Mulvaney posted the video to Instagram. In addition, singer Kid Rock posted a video shooting Bud Light cases with a rifle, and Megyn Kelly called out Nike for advertising sports bras with the “non-breasted” Mulvaney. A dozen other brands including Ulta Beauty, Crest, and Kate Spade have also partnered with the transgender influencer.

Why it matters: Bud Light and Nike are just two more examples of large corporations misunderstanding their audiences and facing financial consequences for endorsing woke and LGBT ideas. While many companies have leftist leaders making these decisions internally, others are almost forced into becoming more progressive in order to boost their ESG scores.