Bill Gates’ foundation gave Bud Light a nearly $100 million stamp of approval

Bill Gates still has faith in Bud Light’s parent company—even though the low-cost beer has lost pole position in the industry.

Bud Light’s advertising campaign in April, with the transgender influencer Dylan Mulvaney—which included sending her a personalized can to mark 365 days since her transition—became a lightning rod in the US culture wars. In the following months, a right-wing backlash sent sales of Bud Light down, sinking the stock of its parent company Anheuser Busch (AB InBev).