It’s been a tough year for the Bud Light brand.
The label was dethroned as America’s favorite beer in June following a widespread boycott over a promotion with transgender influencer Dylan Mulvaney.
Parent company Anheuser-Busch InBev (AB InBev)–which faced accusations of abandoning Mulvaney from those on the other side of the controversy–was forced to cut hundreds of jobs as it took a $400 million hit from the backlash.
One big name appears to be backing the firm, however: Bill Gates.
According to a recent filing with the Securities and Exchange Commission (SEC), the Bill & Melinda Gates Foundation Trust revealed it had bought 1.7 million AB InBev shares in the second quarter, which had a value of almost $96.6 million.
The Foundation Trust is a separate entity to the Bill & Melinda Gates Foundation, and was set up to manage the charity’s endowment funds. While the former couple act as the organization’s trustees, its assets are managed by Cascade Management Company.
A spokesperson for Cascade Asset Management provided Fortune with the following statement about the investment: “As Chief Investment Officer of Cascade Asset Management Company, Michael Larson oversees the investment decisions for the Bill & Melinda Gates Foundation Trust. Bill Gates did not purchase shares of Anheuser-Busch InBev nor did he participate in the investment decision of the Trust. Cascade, which manages the assets of the Trust, sees value in BUD at recent prices.”
AB InBev–the world’s largest brewer, which makes more than 500 brands including Corona, Stella Artois and Hoegaarden–said last month that its second-quarter revenue had plummeted 10.5% in the U.S. following backlash from its partnership with Mulvaney.
The brand faced a wave of intense criticism and a boycott after sending a personalized can of beer to Mulvaney for a social media ad.
Better times for Bud Light?
Over the past six months, the company’s shares have shed more than 9% of their value.
However since the end of the period, during which the Bill and Melinda Gates Foundation Trust made its investment in the Bud Light brewer, AB InBev shares have moved marginally higher.
During early trade on Wednesday, the company’s stock gained just over 1% to trade at around $52.50.
According to a recent survey from Deutsche Bank, American consumers are showing tentative signs of returning to Bud Light and retreating from their boycott of the brand.
Despite describing himself as someone who is “not a big beer drinker,” Gates–the billionaire cofounder of Microsoft–has invested in the industry before.
Earlier this year, it emerged that he had bought a $902 million stake in Heineken, the world’s second-largest brewer.
[This article’s headline has been updated to clarify that the Bill & Melinda Gates Foundation Trust is the investor, not Bill Gates himself. A statement from Cascade Asset Management, which oversees investments for the trust, has also been added.]