Charles Stone III has reunited the original cast from the 2000 ad, whose lives have now taken a distinct turn for the worse.
Eight years on, the characters are now serving in Iraq, unemployed or struggling with the costs of prescription drugs.
The original "wassup" catchphrase has taken a darker turn, transformed into screams as the characters see share prices plunge and get buffeted by bad weather.
The ad opens with Stone sitting on the sofa looking miserable as he watches a John McCain political ad.
But it ends in optimistic fashion, with the final "wassup?" greeted with a picture of Obama and the reply "change".
Budweiser's parent company, Anheuser Busch, which originally leased the concept from Stone for five years, was not involved in the production of the ad.
View the original ad below:
LONDON - The director behind Budweiser's memorable Wassup? Campaign has created an updated version in support of US presidential candidate Barack Obama.