Gates Foundation Buys Nearly $100 Million , Worth of Anheuser-Busch Shares.
Anheuser-Busch is still reeling from the fallout of transphobic backlash over Dylan Mulvaney partnering with Bud Light.
Anheuser-Busch is still reeling from the fallout of transphobic backlash over Dylan Mulvaney partnering with Bud Light.
But the Bill and Melinda Gates Foundation is betting that the beer-maker will stage a comeback.
But the Bill and Melinda Gates Foundation is betting that the beer-maker will stage a comeback.
Last quarter, Gates' foundation trust bought 1.7 million shares of Anheuser-Busch which were valued at $95 million, CNN reports.
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Last quarter, Gates' foundation trust bought 1.7 million shares of Anheuser-Busch which were valued at $95 million, CNN reports.
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However, Anheuser-Busch's stock is down about 2% since the purchase, which means the trust is losing money on its investment currently.
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For the year, the stock has dropped about 7%.
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The beer company's U.S. revenue dropped 10% in Q2 because of Bud Light sales, CNN reports.
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Sales to American retailers dropped by 14%.
Modelo ultimately surpassed Bud Light in sales for the first time ever.
Anheuser-Busch announced U.S. corporate layoffs in July that would affect "less than 2%" of employees.
Earlier this year, the Gates foundation trust also purchased close to $1 billion in Heineken Holding shares.
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Earlier this year, the Gates foundation trust also purchased close to $1 billion in Heineken Holding shares.
