Anheuser-Busch, the St. Louis-based brewery whose Bud Light brand reportedly lost more than $1 billion after its 2023 association with transgender influencer Dylan Mulvaney, has pulled its sponsorship for the city’s annual Pride festival.

The brewing company had sponsored the festival for more than 30 years, according to PrideSTL, which sponsors PrideFest, set to take place June 28-29.

Several Pride organizations across the U.S. told Forbes that corporate sponsors have either dropped out or reduced financial support for Pride celebrations this year because of political and economic pressure. Since Inauguration Day, President Donald Trump has sought to end diversity, equity, and inclusion initiatives in the federal government while encouraging corporations to pull back diversity, equity and inclusion policies.

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