e.l.f. Beauty Shares Drop 2.7% as Controversial Matt Rife Campaign Sparks Backlash Trading Volume Plummets 22.5% to Rank 444th

On August 14, 2025, e.l.f. Beauty (ELF) closed with a 2.70% decline, its trading volume dropping 22.55% to $220 million, ranking 444th in market activity. The stock's performance followed a contentious marketing campaign featuring comedian Matt Rife, which sparked widespread backlash over his 2023 domestic violence-related joke.

The ad, parodying legal advertisements with Rife and drag queen Heidi N Closet as "attorneys" defending consumers from expensive beauty products, drew criticism for aligning the brand with Rife’s controversial past. Social media users condemned the partnership, with survivors of domestic violence and brand advocates calling for a boycott. E.l.f. issued an apology on August 13, acknowledging the campaign "missed the mark," but many demanded further action, including donations to domestic violence support organizations.

Internal communications revealed the brand prioritized Rife’s demographic reach—his largely female, under-34 TikTok audience—as a key factor in the partnership. However, the decision faced scrutiny for contradicting e.l.f.’s target market and values. The company’s marketing chief admitted the backlash was unexpected, highlighting a disconnect between the campaign’s intent and public reception.

The strategy of buying the top 500 stocks by daily trading volume and holding them for one day from 2022 to now delivered moderate returns. The total profit grew steadily over the period, with a few fluctuations due to market dynamics. As of the latest data, the strategy's total profit stands at $10,720.