On Friday, Governor Ron DeSantis (R-FL) sent a letter urging the head of the State Board of Administration of Florida to investigate Bud Light’s parent company, Anheuser-Busch, over their disastrous partnership with transgender influencer Dylan Mulvaney. The letter called for a probe into the beer company to discover whether it was guilty of disregarding its duty to shareholders by making the social media team-up.
“It has come to my attention that the State Board of Administration (SBA) currently holds global equity assets with Anheuser-Busch InBev (AB InBev). As you well know, AB InBev’s performance has plummeted since its decision to associate its Bud Light brand with radical social ideologies,” read the letter addressed to Lamar Taylor, the interim executive director of Florida’s SAB. “The fateful decision has transformed America’s formerly best-selling beer– and one of InBev’s best-performing assets– into a commercial pariah. InBev’s losses have been staggering.”
The letter then discusses the immense plummet in sales that Bud Light has been facing since the team-up as well as other Anheuser-Busch brands that have been suffering in sales. The letter also specifically notes how Costco, one of the largest wholesale chains in America, will no longer be selling Bud Light due to its massive drop in demand.
“Clearly, the Board’s mismanagement has led to this impasse– as well its failure to remediate the problem and repair its relationship with millions of disaffected American consumers– will continue to financially harm the SBA and other shareholders,” the letter reads.
“I therefore request that you immediately initiate a review to examine how AB InBev’s conduct has impacted and continues to impact the value of SBA’s AB InBev holdings,” it continues. “It appears to me that AB InBev may have breached legal duties owed to its shareholders, and that a shareholder action may be both appropriate and necessary. To protect SBA and the retirees of Florida from losses attributable to AB InBev’s disregard of those duties, all options are on that table.”
The letter was then signed by Governor DeSantis himself and he cc’d both Attorney General of Florida Ashley Moody and Chief Financial Officer Jimmy Patronis.
The Sunshine State governor also shared his letter on his Twitter account, writing, “We’ve kneecapped ESG in Florida. So I’m calling for an investigation into AB InBev’s actions regarding their Bud Light marketing campaign and falling stock prices. All options are on the table and woke corporations that put ideology ahead of returns should be on notice.”
The call for the investigation by DeSantis is a relatively unique situation. Normally, the government wouldn’t nor shouldn’t have much say in these kinds of matters, but considering that the government of Florida itself has a stake in the company, that does then give it a claim to be able to take action.
The move by the governor is undoubtedly a bold one but is also undoubtedly coming from the right place. Considering that attempting to pander to an extremely small minority has cost Anheuser-Busch millions, to potentially billions of dollars, something does need to be done to hold the company accountable.
“It has come to my attention that the State Board of Administration (SBA) currently holds global equity assets with Anheuser-Busch InBev (AB InBev). As you well know, AB InBev’s performance has plummeted since its decision to associate its Bud Light brand with radical social ideologies,” read the letter addressed to Lamar Taylor, the interim executive director of Florida’s SAB. “The fateful decision has transformed America’s formerly best-selling beer– and one of InBev’s best-performing assets– into a commercial pariah. InBev’s losses have been staggering.”
The letter then discusses the immense plummet in sales that Bud Light has been facing since the team-up as well as other Anheuser-Busch brands that have been suffering in sales. The letter also specifically notes how Costco, one of the largest wholesale chains in America, will no longer be selling Bud Light due to its massive drop in demand.
“Clearly, the Board’s mismanagement has led to this impasse– as well its failure to remediate the problem and repair its relationship with millions of disaffected American consumers– will continue to financially harm the SBA and other shareholders,” the letter reads.
“I therefore request that you immediately initiate a review to examine how AB InBev’s conduct has impacted and continues to impact the value of SBA’s AB InBev holdings,” it continues. “It appears to me that AB InBev may have breached legal duties owed to its shareholders, and that a shareholder action may be both appropriate and necessary. To protect SBA and the retirees of Florida from losses attributable to AB InBev’s disregard of those duties, all options are on that table.”
The letter was then signed by Governor DeSantis himself and he cc’d both Attorney General of Florida Ashley Moody and Chief Financial Officer Jimmy Patronis.
The Sunshine State governor also shared his letter on his Twitter account, writing, “We’ve kneecapped ESG in Florida. So I’m calling for an investigation into AB InBev’s actions regarding their Bud Light marketing campaign and falling stock prices. All options are on the table and woke corporations that put ideology ahead of returns should be on notice.”
The call for the investigation by DeSantis is a relatively unique situation. Normally, the government wouldn’t nor shouldn’t have much say in these kinds of matters, but considering that the government of Florida itself has a stake in the company, that does then give it a claim to be able to take action.
The move by the governor is undoubtedly a bold one but is also undoubtedly coming from the right place. Considering that attempting to pander to an extremely small minority has cost Anheuser-Busch millions, to potentially billions of dollars, something does need to be done to hold the company accountable.
- Article Source:
DC Enquirer
- Photo: Getty Images
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