In a stunning turn of events, beer giant Budweiser suffered a massive financial loss of $800 million in just one day, thanks to none other than Twitter CEO Elon Musk
The trouble began when Musk took to Twitter to share a meme that mocked the beer brand’s advertising slogan, “King of Beers.” The meme featured a photoshopped image of a can of Budweiser with the slogan changed to “Elon’s Favorite Beer.”
The tweet quickly went viral, with thousands of users sharing and commenting on the post. Many praised Musk for his humor, while others criticized him for taking a jab at a beloved American brand.
Unfortunately for Budweiser, the fallout from the tweet was swift and severe. Investors panicked at the negative publicity, and shares of the beer company plummeted by nearly 10% in just one day, wiping out $800 million in market value