In 2019, toxic masculinity appeared consigned to history. Major American technology firms competed to sponsor pride parades, dedicating substantial funds to the cause. Specialist teams worked tirelessly to integrate transgender individuals into workplaces. Equality and gender neutrality seemed destined to prevail, propelling civilisation toward a rosy, carbon-free future. Central to this progressive vision was the shift from meat to plant-based alternatives. Even children understood that animal farming pollutes more heavily than plant-based agriculture. A new kind of person was emerging, their diet attuned to the ecological demands of a zero-carbon world.
Fast forward to 2025, and Donald Trump has returned to the White House. Tough guys and "bro-cracy" are back. Ideology failed to crush them. Soon after, an image circulated worldwide of Donald Trump, Elon Musk, and Robert F. Kennedy Jr. eating beef burgers from McDonald's, a table covered with wrappers, Coca-Cola in hand. This meal, notably consumed aboard an airplane, signalled a cultural shift. The once-popular progressive ideologies—woke culture, ecology, transgender issues, and plant-based ‘meat’—were officially pronounced passé.
This reversal, however, did not occur overnight. Its fate was sealed earlier. For something to become a trend, it must attract investor capital, making stock markets excellent trend indicators—not just of what's fashionable but what generates profits. How, then, did markets anticipate the decline of this trend?
The rise and fall of plant substitutes
The revival of "bro-cracy" required the decline of its predecessor. As Pascal once noted, nature abhors a vacuum. Consider Beyond Meat, one of the sector’s most prominent names, alongside vegan milk producer Oatly. In 2019, the promising startup Beyond Meat entered the US stock market, drawing high-profile investors like Bill Gates, Leonardo DiCaprio, Twitter co-founder Biz Stone, and the Humane Society. Being fashionable, environmentally conscious, and humane—essentially, being a "good person" and saving the planet—meant investing. Shares debuted at $21, valuing the company at $1.2 billion. Collaborations with giants such as McDonald's, KFC, and Starbucks boosted stock prices. These reached $210 per share in the summer of 2019, raising the firm's market cap beyond $14 billion, exceeding today's valuation of Porsche ($12.2 billion). Despite consistent losses, shareholders believed people would substitute plant-based alternatives for juicy steaks in order to save the planet.
Yet, reality soon made its come-back. Today, Beyond Meat trades at just $3.4 per share, its market capitalisation tumbling to $267 million. Promised growth never materialised. By February 2025, Beyond Meat reported Q4 2024 revenues of $76 million, with losses of $0.65 per share. Revenues peaked in 2022 at $147 million, declining ever since. Investors from 2019 suffered heavy losses. Even if the plant-based ‘meat’ market grows, it does so slowly; the company expects a mere 2% revenue increase in 2025. Returning shares to their peak would require a 5,782% surge—an improbable scenario.
Coming Down Together: Beyond Meat and Starbucks
Beyond Meat's ideological alignment is best illustrated by Starbucks. Their partnership began in Canada, where customers could purchase "Cheddar and Egg Sandwiches" from Beyond Meat. This relationship transcended marketing, grounded in a shared ideology opposed to "bro-cracy." Starbucks aims to be "resource-positive" by 2030, swapping animal meat for plant alternatives, a choice backed by clear evidence: beef production generates 60kg of CO₂ per kilogram, whereas plant substitutes produce just 2–3kg. Yet prioritising planetary health over customer satisfaction resulted in declining consumer loyalty.
Starbucks' story mirrors a broader cultural shift. Once emblematic of a youthful lifestyle, the brand barely evolved over two decades, except for rising prices, which deter rather than attract. Additionally, Starbucks' original clientele—hipsters—have either grown older or started families, diminishing the allure as a hangout spot. The youthful icon increasingly resembles a waiting room for ageing minimalists gripped by existential anxiety.
In response, shareholders hired Brian Niccol, famed for rescuing Chipotle Mexican Grill, offering him an annual salary of $1.6 million, a $10 million signing bonus, $75 million in stock options, and a company jet for commuting between Newport Beach and Seattle. This last perk particularly irked even the most jaded hipsters, undermining Starbucks' commitment to resource positivity. Here lies the critical difference: opponents of "bro-cracy" rarely live out their ideals, whereas figures like Musk or Thiel, whether admired or reviled, consistently embody their beliefs.
The Key to Success
According to the Deloitte Global 2024 Gen Z and Millennial Survey, 86% of respondents identify purpose as essential to job satisfaction. Purpose demands authenticity—living according to professed values. This yearning paved the way for the revival of "bro-cracy." Woke washing and greenwashing fail because these ideologies lack authentic representatives who genuinely embody internal peace and happiness.
Beyond Meat’s fall illustrates how markets serve as reliable trend barometers. Tesla’s declining stock price reflects more than Musk's wealth or short-selling strategies; it mirrors the popularity of "bro-cracy." and the rejection of going green. Tesla's shares are now slipping, yet Musk has historically reversed bear markets. Unless Musk redefines Tesla’s narrative, the company risks symbolising a fading ideology.
Statement
The rapid reversal from progressive ideologies came suddenly. These included gender neutrality, ecological consciousness, and plant-based alternatives. Now, a renewed "bro-cracy" has taken hold. This shift underscores the stock market's role. It acts as a precise indicator of societal trends. Beyond Meat saw a dramatic rise and then a collapse. Starbucks’ appeal has also started to wane. Both cases reflect investors' diminishing confidence. They doubt sustainability and woke-capitalism. This is what happens when such ideals are detached from authentic practice.