The incident illustrates how the consequences of political statements by a CEO or other forms of corporate activism can be significant. During the two years following Bud Light’s $20,000influencer promotionwith transgender activist Dylan Mulvaney, the brand’s salesfell sharply, and Bud Lightlost its positionas America’s top-selling beer. Meanwhile, after Elon Musk created the Department of Government Efficiency and aligned himself with the Republican administration, Tesla’sthird quarter2025 EBITDA fell 9% year-over-year—driven partly bydeclining customer loyalty.