by Frank Holmes, reporter
If you plan on cracking open a cold one to relax on Labor Day, it’s a pretty safe bet which beer brand you won’t be sipping.
New economic reports shows the easiest way to wreck your company’s financial future, put people out of work, and destroy an iconic brand forever is to adopt left-wing corporate policies that insult your consumer base.
The link between “going Woke” and “going broke” is so clear, that we can illustrate it in just a few cases.
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Hold my beer.
Bud Light has seen its profits slide significantly since it partnered with transgender activist Dylan Mulvaney this spring—and the fallout hasn’t ended.
Long ago were the days of the silly “WASSSSSAAAAAP” commericals.
Bud Light’s earnings fell 16 percent from the beginning of the year through August 19… but that doesn’t capture how bad things are.
Comparing that week’s sales to the same week one year ago, earnings fell by more than 30 percent, according to an analysis conducted for Fox Business by Bump Williams Consulting.
This sales drought came as hot, thirsty Americans cracked open more beer than usual. Total beer sales rose 2.2 percent, and almost all Bud’s competitors—the new number one beer, Modelo, as well as Miller Lite, Coors Light, and Yuengling Lager all saw their real earnings rise by double-digits.
Americans want beer; they just don’t want Bud Light.
“Bud Light was worth $134.5 billion before the boycott. Now it’s worth $98.9” billion,” and “profits in the 2nd quarter were down 30%,” Trish Regan wrote on X (formerly Twitter). “Bud Light is no longer America’s beer.”
Bud Light was worth $134.5 billion before the boycott.
Now it's worth $98.99B (as of August 4th, 2023)
Profits in the 2nd quarter were down 30%
Bud Light is no longer America's beer.
— Trish Regan (@trish_regan) August 9, 2023
Not only are sales down, but Bud Light could be in hot water with the government. A judge has ruled that Dylan Mulvaney has an audience that’s younger than normal—too young to drink. Last moth, Senator Ted Cruz, R-Texas, asked Anheuser-Busch’s CEO to hand over documents that could prove the company is illegally marketing beer to minors, the way Big Tobacco sold cigarettes to their grandparents in the 1950s.
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Let’s take another case: Disney.
Disney waded into a different LGBT controversy 17 months ago—telling Florida Governor Ron DeSantis he’d better veto a bill that gave parents more rights over their children’s education, especially when it comes to LGBT issues. And Disney hasn’t recovered since.
Disney executives announced last week that profits hit a nine-year low…and that’s making it vulnerable to competitors that want to entertain children instead of grooming them. Disney’s market cap—a measure showing how dominant a company is—has fallen 56 percent since March 2022.
That downgrade follows strong and swift action from Gov. DeSantis. The 2024 Republican presidential hopeful cut off the special tax breaks and cozy government arrangements Disney had for decades…and they’re feeling the impact.
Another part of the problem is Disney’s pay service, Disney+, lost more than 4 million subscribers in the first quarter of this year.
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Backing LGBTQ+ hurt Disney+.
Disney is denying reality, claiming it lost millions of subscribers, because it stopped broadcasting certain cricket teams in India!
But if Disney really thinks India is the problem, it has a funny way of showing it: The company is suing the state of Florida over the measure, claiming real damages.
“They’re going to lose that lawsuit,” DeSantis told CNBC recently, before he gave the company a free piece of legal advice: “Drop the lawsuit.”
The fact is, adopting insane left-wing policies makes company a…Target. Just ask the retail chain, which saw its stock price fall to the lowest level in three years.
Why is Target crashing? This spring, it marketed a “Pride” series of outfits to children—including onesies designed for babies, indoctrinating children in transgender ideology.
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Parents said, “No thank you” this back-to-school season—and Target’s sales in the second quarter were already down 5.4 percent compared to last year.
If investors aren’t worried, the company brass is: The chain’s CEO, Cornell Brian, sold 30,000 shares of Target stock worth $3.9 million in August.
The “experts” say Target’s stock value could recover in another year…but that underestimates Target’s ability to screw up again.
And it assumes Target wins a lawsuit filed by America First Legal in August over the company’s decision to put its political agenda ahead of profits.
The lawsuit says stockholders lost profits because of Target decided to make a political statement.
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‘America First Legal is SUING Target in federal court for violating the Securities Exchange Act after destroying shareholder value by pushing sexual propaganda to kids,” said AFL founder and former Trump adviser Stephen Miller.
Yesterday, America First Legal:
🆕Filed a shareholder lawsuit against @Target over its inaccurate statements to shareholders about monitoring political/social risks, resulting in a $12B loss due to its promotion of LGBTQ+ propaganda to children.
🆕Filed a brief at the Fifth… pic.twitter.com/yu5nIPM1SD— America First Legal (@America1stLegal) August 9, 2023
Then there’s the best evidence that the adage “Go Woke, Go Broke” is true: Rolling Stone says it’s false.
“Companies That Get ‘Woke’ Aren’t Going Broke — They’re More Profitable Than Ever,” said the truth-challenged magazine.
The backlash against Woke capitalism is coming from all sides: Right, Left, and Center.
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“[T]he real danger of woke capitalism is not that it will weaken the capitalist system, but rather that it will further cement the concentration of political power among a corporate elite,” wrote left-wing Australian professor Carl Rhodes in Woke Capitalism: How Corporate Morality is Sabotaging Democracy.
People with Rhodes’ left-wing views are the ones Bud Light, Disney, and Target tried to cultivate with their radical LGBTQ actions.
If he’s saying quit, it’s time to quit—while you still have the money to revive these classic American brands.
Frank Holmes is a veteran journalist and an outspoken conservative that talks about the news that was in his weekly article, “On The Holmes Front.”