Anheuser-Busch, the parent company of Bud Light, saw a nearly $5 billion decrease in market value in the first two weeks of April following its partnership with self-identified trans influencer Dylan Mulvaney. The collaboration sparked a viral boycott after the company sent Mulvaney a pack of Bud Light with the influencer’s face printed on a beer can as part of an ad for the company’s March Madness contest.

Mulvaney, who was born male and began identifying as a woman in 2022, was celebrating the “365th day of womanhood” in April and expressed gratitude for the gift from Bud Light in an Instagram post. However, following several partnerships with Nike and other brands to promote women’s products, some Americans have started pulling their money from Bud Light, accusing the company and other high-profile companies of pushing “gender propaganda,” according to the New York Post.

Since the boycott, small town bars in some states are reportedly seeing a decline in sales of Bud Light, which has long been known as America’s best-selling beer. Kid Rock even took to social media to express his anger, with a video showing him shooting a Bud Light can and saying, “F*** Bud Light, F*** Anheuser-Busch…”

Mulvaney, who currently has almost 11 million TikTok followers, responded to the backlash, saying, “It’s so sad because everything I try to put out is positive. It’s trying to connect with others that maybe don’t understand me. It’s to make people laugh, or to make a kid feel seen.”

In a statement, Anheuser-Busch stood by its decision to collaborate with Mulvaney, saying they “partner with hundreds of influencers across brands as one of many ways to authentically connect with audiences.” The company added that the can it gave Mulvaney was a gift to celebrate a personal milestone and is not for sale to the general public.