Constellation Brands' Modelo Especial outsold Bud Light in May, a report says. Reuters
Constellation Brands' Modelo Especial outsold Bud Light in May, a report says. Reuters© Provided by Business Insider
  • Bud Light sales dropped 23% in May, according to data from research firm Circana.
  • The drop came as the brand faced right-wing backlash over a promotion that featured a trans influencer.
  • Mexican lager Modelo Especial was the top-selling beer in the US last month, per the report.

Modelo Especial dethroned embattled Bud Light as the best-selling beer in the US last month, a new report says. 

Bud Light sales plunged 23% year-over-year in May to $297.3 million, according to data compiled by consumer-behavior research firm Circana and shared with Insider. Meanwhile, sales of the Mexican lager surged 15% to $333.1 million.

Conservative outrage over a March Madness promotion that featured transgender influencer Dylan Mulvaney sparked calls for a Bud Light boycott. 

Anheuser-Busch suffered weeks of backlash from a Bud Light promotion featuring trans influencer Dylan Mulvaney. Gene J. Puskar/Associated Press and Rob Kim/Getty Images
Anheuser-Busch suffered weeks of backlash from a Bud Light promotion featuring trans influencer Dylan Mulvaney. Gene J. Puskar/Associated Press and Rob Kim/Getty Images© Provided by Business Insider
Bud Light's parent company Anheuser-Busch initially stood by the promotion, but as the right-wing backlash grew, the executive who arranged the Mulvaney campaign took a leave of absence

Related video: Bud Light Sales Plunge Amid Boycott (Benzinga)

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, and the brewing company reportedly offered to buy back expired cases of Bud Light from distributors and gave free cases of beer to distributor employees.

Analysts at JPMorgan recently warned that Bud Light sales could drop as much as 13% this year. 

Rounding out the top five in beer sales for May were Michelob Ultra, Coors Light, and Miller Lite, Circana reports. 

Anheuser-Busch did not immediately respond to Insider's request for comment. In an email statement to Insider, Constellation Brands, which holds the US brand license for Modelo, said the beer has seen "consistent and accelerated growth" since Constellation acquired the rights a decade ago.

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Silicon Valley Bank's sudden implosion has become meme gold

  • Silicon Valley Bank's implosion has left many reeling, but internet memes are thriving.
  • It was shut down Friday by federal regulators and is now being mercilessly mocked by some.
  • "Aaaaand its gone": the quickfire collapse of SVB was captured on social media.

The implosion of Silicon Valley Bank may be frightening for tech investors, but it's been a field day for internet memes. 

On Friday, Silicon Valley Bank was shut down and taken under the control of the Federal Deposit Insurance Corporation, or FDIC. 

It's the second-largest bank collapse in US history and the largest since the 2008 financial crisis.

Regulations have changed significantly since the Great Depression to offer greater protection to consumers. Even during a recession, you can keep up to $250,000 in an individual bank account and it'll be protected by FDIC insurance. 

This generally prevents bank runs, where people get worried about their money and try to withdraw all their cash simultaneously. But Silicon Valley Bank's situation was quite different.

Many of its customers were startups, venture capital firms and tech founders, who likely held more than $250,000 in their accounts, so FDIC insurance wasn't enough to calm a panic. SVB's implosion has sent shockwaves through the tech industry and left startup founders scrambling to find emergency loans.

Some people – perhaps those not affected by the situation – are seeing the funny side. Take a look at some of the memes produced at Silicon Valley Bank's expense.

"We continue to see runway for growth as we introduce Modelo to new consumers through increased distribution / presence at retail, in line with the brand's momentum in the marketplace," the statement said.