The Rise and Fall of Bud Light: A Controversial Betrayal.

Experts believe that Bud Light lost its top-selling beer status to Modelo Especial due to changing tastes, declining sales, and broken trust with customers. Bud Light's partnership with transgender influencer Dylan Mulvaney also generated significant backlash, with some stores giving away the beer for free and Bud Light buying back unsold, expired beer from wholesalers. However, some experts argue that Modelo's stock was rising even before the Mulvaney fiasco. Anheuser-Busch InBev, which owns Bud Light, also owns Grupo Modelo, the Mexican brewer that produces Modelo Especial.