Brewing giant Anheuser-Busch is grappling with a $27 billion market value drop and sales decline due to its ill-fated partnership with transgender influencer Dylan Mulvaney. To counter this, the company plans to cut costs by laying off about 2 percent of its US workforce, impacting around 380 employees.

CEO Brendan Whitworth emphasized the necessity of these changes for long-term success. The affected workers will receive severance pay, six months of health insurance, and job assistance. Essential frontline roles like brewery staff and drivers are exempt from the layoffs.

The partnership with Mulvaney stirred controversy among drinkers, causing a significant decline in Bud Light’s reputation. Anheuser-Busch seeks to restore its position by focusing on core strengths and strategic adaptation in the evolving beer industry.