Elon Musk’s tweet mocking Budweiser’s advertising slogan results in a significant financial blow, causing an $800 million drop in the beer company’s market value.
In a stunning turn of events, beer giant Budweiser suffered a massive financial loss of $800 million in just one day, thanks to none other than Twitter CEO Elon Musk.
The trouble began when Musk took to Twitter to share a meme that mocked the beer brand’s advertising slogan, “King of Beers.” The meme featured a photoshopped image of a can of Budweiser with the slogan changed to “Elon’s Favorite Beer.”
The tweet quickly went viral, with thousands of users sharing and commenting on the post. Many praised Musk for his humor, while others criticized him for taking a jab at a beloved American brand.
Unfortunately for Budweiser, the fallout from the tweet was swift and severe. Investors panicked at the negative publicity, and shares of the beer company plummeted by nearly 10% in just one day, wiping out $800 million in market value.
Budweiser’s CEO, John Blood, issued a statement in response to the incident, expressing disappointment in Musk’s actions and vowing to take action to regain the trust of investors.
“We are saddened by the disrespectful and unnecessary attack on our brand by Mr. Musk,” Blood said.
“We are confident in our products and our ability to weather this storm, and we will be taking steps to reassure our shareholders and customers that Budweiser remains the King of Beers.”
Musk, for his part, seemed unfazed by the backlash, tweeting a follow-up meme that showed a cartoon character drinking a can of Budweiser with the caption, “Cheers to the haters.”
As of now, it remains to be seen whether Budweiser will be able to bounce back from the massive financial loss, but one thing is for sure: the power of Twitter, and the influence of high-profile figures like Elon Musk, cannot be underestimated.