New York (CNN) � Bud Light’s parent company is having a miserable year. But there’s at least one prominent investor who believes in Anheuser-Busch: Bill Gates� foundation trust.
The Bill and Melinda Gates Foundation Trust last quarter bought 1.7 million shares of Anheuser-Busch, valued at around $95 million, according to a , signaling that Gates has confidence in the beer company that has been dealing with a .
Gates� foundation trust bought the stock around the time that fully encompassed the fallout from Bud Light’s partnership with Its decision to send a customized can to her sparked a transphobic backlash and alienated some of the company’s core customer base. The company’s subsequent response then angered members of the
But Gates� trust has lost money on his investment so far: A-B’s stock is down nearly 2% since the purchase. The stock is down about 7% for the year.
Last month, A-B said that its US revenue fell 10% in the second quarter, hampered by falling Bud Light sales.
The company’s sales to US retailers declined by 14%, underperforming the wider beer industry, primarily due to the decline in the volume of Bud Light it sold. Revenue fell $395 million in North America during the period, compared to the same time a year ago. That figure included sales in Canada, where revenue rose, suggesting the slump was isolated to the United States.
A few weeks later, Modelo overtook Bud Light in sales at grocery and beer stores, according to NIQ data, marking the first time Modelo has ever beaten Bud Light on a year-to-date basis. However, the difference is slim with Modelo holding 8.34% share of dollars spent on beer vs. 8.28% for Bud Light through August 12.
In July, within its corporate ranks, affecting about “less than 2%� (or about 380 positions) within its US employee population.
Gates, who has previously admitted that he’s “not a big beer drinker,� has bought other beer brands too, through his trust. Earlier this year, the foundation also bought nearly $1 billion worth of shares of Heineken Holding, the
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