Beer hero
Cheers to craft brewing
Good morning, alcohol analysts. This is your Stock Market Rundown for June 14th, 2024. Thanks for joining me. Let’s belly up to the bar:
TODAY’S TOP STORY: CRAFT BEER RENAISSANCE
These days, every city has a few craft breweries, where guys with hipster beards and full-sleeve tattoos will pull you a pint of a hazy IPA with a quirky name like “Hoptimus Prime” or “Moose Drool”.
The pioneer that originally kicked off the craft beer trend was Anchor Brewing. Founded in San Francisco in 1896, its iconic beers like Anchor Steam and Christmas Ale became a beloved institution among locals.
That’s why it was a shocker when Anchor Brewing shut down in mid-2023. Its owner, Japanese beer conglomerate Sapporo, decided to the axe the brand due to declining sales.
Sapporo’s problem was simple: Americans just aren’t drinking as much beer as they used to. In 1981, the average American adult drank 36.7 gallons of beer. By 2021, that had had fallen to just 26.5 gallons.
But Anchor found a savior in the unlikely form of a yogurt billionaire. In May, the local press reported that Hamid Ulukaya, founder of Chobani yogurt, had purchased Anchor’s assets, and was gearing up to get its lagers, pale ales, and IPAs flowing again soon.
As an immigrant from Turkey, Ulukaya had missed the traditional Greek yogurt he’d loved as a kid. In 2005, he developed his own recipe and began producing yogurt at a factory in upstate New York.
Fast forward two decades: Chobani is the number-one selling Greek yogurt in the US, and Ulukaya has piled up a net worth of over $2 billion. Given his wealth, makes sense he wants to diversify—from fermenting milk, to fermenting hops.
SO WHAT ELSE IS GOING ON?
Lyft, the ridesharing service for people who are banned from Uber, said during an investor day that it expects annual bookings to grow 15% per year.
Chinese online fashion retailer Shein is preparing to list on the London Stock Exchange in a £50 billion IPO. Healthy valuation for a business selling flammable garments made by slave labor.
Elon Musk’s 400-foot-tall Starship rocket finally had a successful test flight, after three previous tests exploded. The ginormous phallic symbol is being developed to eventually transport humans to Mars.
The number of high-net-worth individuals globally—defined as people with $1 million of investable assets— increased 5% in 2023, to 23 million. I know money can’t buy happiness, but I’d settle for 30-foot boat with a name like “Offshore Account”.
That’s it for the week, gang. Have yourselves an epic weekend, and I’ll see you bright and early Monday morning. Yours in capitalism, The Axe
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