Bud Light, once the top-selling beer in the U.S., has dropped to third place following a prolonged boycott sparked by a 2023 collaboration with transgender influencer Dylan Mulvaney. The boycott caused significant backlash, leading to a notable decline in Bud Light's market share, which now stands at 6.5% of beer dollar sales. Modelo Especial remains the top-selling beer with 9.7%, followed by Michelob Ultra at 7.3%. Despite Anheuser-Busch owning both Bud Light and Michelob Ultra, the overall impact on Bud Light’s sales has been severe, with the brand still struggling to recover. Efforts to regain market share, including new marketing campaigns and endorsements, have yet to reverse the downward trend. Industry observers note that Bud Light's decline is part of a broader shift in consumer preferences within the beer market.