The Bill Gates Foundation Trust is backing Bud Light: It's betting nearly $100 million on embattled AB InBev

The Bill & Melinda Gates Foundation Trust recently bought $96.6 million in shares of AB InBev, Bud Light's parent company.

Bud Light has faced backlash and falling sales after an ad campaign with transgender influencer Dylan Mulvaney.

AB InBev reported a 10.5% revenue drop in the US last quarter due to the Bud Light controversy.

The investment was made by the Foundation Trust, not Bill Gates personally. The trust's assets are managed separately.

Earlier this year, Gates invested $902 million in Heineken, the world's second largest brewer.