Bud Light faces backlash over Dylan Mulvaney ads and transgender pandering.

Beer drinkers in Wyoming are boycotting Bud Light due to its marketing partnership with transgender social media influencer Dylan Mulvaney. Sales of Bud Light have dropped in several small-town bars, with customers opting for other brands owned by Anheuser-Busch or switching to Coors Light and Guinness. The controversy has caused a 4% drop in Anheuser-Busch's stock, shaving $5 billion off its market capitalization. However, Bud Light is still selling well in larger bars, and some bars have reported no change in sales. Anheuser-Busch has stood behind the ad campaign.