AssetID: 53025869
Headline: UNCAPTIONED: Gates Foundation Buys Nearly $100 Million Worth of Anheuser-Busch Shares
Caption: 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. Last quarter, Gates' foundation trust bought 1.7 million shares of Anheuser-Busch which were valued at $95 million, CNN reports. However, Anheuser-Busch's stock is down about 2% since the purchase, which means the trust is losing money on its investment currently. For the year, the stock has dropped about 7%. The beer company's U.S. revenue dropped 10% in Q2 because of Bud Light sales, CNN reports. 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 THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Gates Foundation,Bill Gates,Anheuser-Busch,Buy,Shares,Comeback,Bud Light,Business,Foundation,Valued,Dylan Mulvaney,Purchase,Investment
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