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months following the Mulvaney scan- dal, the company’s stock dropped 20 percent. Overall, Anheuser-Bus- ch’s US revenue fell 10.5 percent in the second quarter of 2023, a direct result of Bud Light sales being down 34 percent. With the brand’s image showing no signs of recovering, there may still be more hard times ahead for Bud Light.
clothing and merchandise on display in Target marketed toward everyone from toddlers to adults. Some of the most controversial items included “tucking” swimwear for males who identify as women. Although Target claimed such products were only for adults, they were sold alongside other children’s clothing. As backlash over the displays mounted, Target CEO Brian Cornell doubled down, saying that the company’s woke policies are “just good business decisions” and are “the right thing for society.” Within just 10 days of that statement, Target’s stock price lost $10 billion. In August, Target posted its first quarterly sales drop in six years. As of
August 1, the company’s stock price had fallen to $133 per share from a high of $181 per share in February. In-store sales were down 5.4 percent in the second quarter of 2023, while online sales were down nearly double that, 10.5 percent. Once again, a company learned the hard way — “go woke, go broke.”
Woke Banks
Target
One of the clearest signs of the left’s takeover of corporate America has been the rise of so-called “envi- ronmental, social, and governance” (ESG) investing. Instead of making investment deci- sions according to what will maximize
Apparently failing to learn anything from the Bud Light fiasco, Target became the next brand to wade too deep into the culture wars. Beginning in May, videos surfaced on social media showing “pride-themed”
Volume 17 Issue 5 • 19
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