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Billy Bush Calls Sweeney "Brilliant" for Locking in Equity First

Bush went on Fox News to defend the Novig ad backlash: Sweeney secured equity before the campaign hit 40 million views. Google Trends data backs the play. Novig's search index went from 2 to 100 in five days.

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By Jude Marlow, Editor Published September 23, 2026 at 2:00 PM PST
Billy Bush Calls Sweeney "Brilliant" for Locking in Equity First
Photo: Raph_PH / Wikimedia Commons, CC BY 4.0 (Sydney Sweeney at BFI London Film Festival 2025). Thermal treatment by Ad Watch News.

Billy Bush went on Fox News Tuesday to defend Sydney Sweeney over her Novig ad ... and the argument he made was not about the controversy. It was about the equity.

Speaking on Jesse Watters' show, Bush called Sweeney's marketing strategy "brilliant," pointing to one specific fact: Sweeney locked in an equity stake in Novig before the ad campaign launched, not after.

The deal before the drama

Fortune reported in September that Sweeney helped engineer the campaign as an equity partner and creative director, not a hired spokesperson. The ad hit 40 million views. The equity was already in place when it did.

The Google Trends data from HackerNoon puts the commercial's impact in numbers. On September 8, one day before the ad launched, Novig registered a US daily search index of 2, trailing Kalshi at 44 and Polymarket at 29. By September 14, Novig's index hit 100. It topped Kalshi for three straight days.

Novig's Instagram account grew from 37,000 followers to 93,000 in the two weeks following the launch, a 151% increase, per HackerNoon. Whether that translates into funded trading accounts is a question the company's internal numbers will answer.

Bush's historical comparison

Bush compared the Novig backlash to previous cycles around American Eagle and the ESPN Body Issue, telling Watters that "critics always eventually move on." The framing positions Sweeney's controversy as a feature of the campaign rather than a liability.

The prediction market industry spent approximately $200 million on digital advertising in the first seven months of 2026, per the American Gaming Association. Novig is competing against Kalshi and Polymarket for the same eyeballs. A search spike from 2 to 100 in five days is notable in that context.

The other side of the story

Reality Tea reported Tuesday, citing an unnamed source, that Sweeney has been "putting on a brave face" while experiencing significant private distress over the backlash. The outlet's source described her as "in tears" and said she felt the criticism was "very unfair." Ad Watch News cannot independently verify those claims.

The controversy cost Sweeney followers in the immediate aftermath, with some reports citing tens of thousands lost before the count recovered. Bush's Fox News appearance lands as the backlash cycle enters its third week.

What the equity model means

The equity-before-the-ad structure is the part that makes the Bush argument land. A traditional sponsorship captures a flat fee. An equity stake captures upside if the controversy drives sign-ups and valuation. Sweeney structured the Novig deal to benefit from exactly the outcome that is now unfolding.

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She labeled it AI. Her sister did not. The backlash belonged to the CEO.
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