Bud Light beer display at grocery store – Courtesy: Shutterstock – Image by The Toidi
In response to a conservative boycott earlier this year, Florida Gov. Ron DeSantis announced an investigation into AB InBev, the beverage company behind Bud Light.
DeSantis discussed the subject on Fox News on Thursday night. He said that the state had a sizable holding of AB InBev shares in the FRS pension fund before the crash.
“Well, we had over $50 million worth of InBev stock in the pension. Of course, Florida’s pension funds are at about $180 billion,” DeSantis said. “So it’s a pretty big endeavor, but it has absolutely hurt teachers. It has absolutely hurt other pensioners.”
After launching a Bud Light marketing campaign with transgender social media celebrity Dylan Mulvaney, AB InBev suffered significant losses earlier this year. After more than 20 years as the most popular beer in the United States, Bud Light sales experienced a significant dip as a result of the backlash, falling to second place.
According to DeSantis, the company’s actions caused the state’s pension fund to shrink, which may have an impact on retired public officials.
“When you start pursuing a political agenda at the expense of your shareholders, that’s not just impacting very wealthy people. It impacts hardworking people who were police officers, firefighters and teachers in terms of the pension,” he said.
As a result, DeSantis declared that the state will look into AB InBev to see if it was acting in a fiduciary capacity.
“It could be something that leads to a derivative lawsuit filed on behalf of the shareholders of the Florida pension fund because at the end of the day, there’s got to be penalties for when you put business aside to focus on your social agenda,” DeSantis explained.
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Mike has more than 30 years of experience in marketing and public relations. He once owned his own agency and has worked with some of the largest brands in the world.