Budweiser thanks Elon Musk for $800 million In a surprising 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 started when Musk took to Twitter to share a meme mocking the beer brand’s advertising slogan, “King of Beer”. The meme featured a photoshopped image of Budweiser, with the slogan changed to “Alon’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 ridiculing a beloved American brand.
Unfortunately for Budweiser, the fallout of the tweet was swift and severe. The negative publicity scared off investors, and the beer company’s shares fell 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 dismay at Musk’s actions and vowing to take action to regain investor confidence.
“We are saddened by Mr. Musk’s outrageous and unnecessary attack on our brand,” Blood said.
“We are confident in our products and our ability to weather this storm, and we will take steps to assure our shareholders and customers that Budweiser will continue to be the king of beer.”
Musk, for his part, seemed unfazed by the backlash, tweeting a follow-up meme depicting a cartoon character drinking a can of Budweiser with the caption, “Cheers to haters.”
So far, it remains to be seen whether or not Budweiser will be able to recover 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.