Avast ye! DeSantis be ready to plunder Bud Light for bringin' ruin to our pensions! Let the penalties befall 'em!
2023-07-22
Avast, me hearties! Florida's Cap'n, Ron DeSantis, be claimin' that retirees, be they teachers or brave responders of the first kind, have suffered the blow o' Bud Light's venture into this 'woke' politickin'. Arrr, what a crock!
Republican presidential candidate Gov. Ron DeSantis of Florida has announced that the state is launching an inquiry into Bud Light and its parent company, InBev, which could potentially lead to a lawsuit. DeSantis believes that businesses should be penalized for prioritizing "social agendas" over shareholders, especially after Florida pension funds suffered significant losses due to the decline of the beermaker. The governor argues that pursuing a political agenda at the expense of shareholders not only affects wealthy individuals but also impacts hardworking people such as police officers, firefighters, and teachers relying on pension funds. DeSantis plans to investigate Bud Light and InBev's actions and considers the possibility of filing a derivative lawsuit on behalf of the Florida pension fund shareholders. He has requested the State Board of Administration (SBA) to review its holdings of AB InBev, highlighting the ongoing decline of its subsidiary, Bud Light.In a letter to the SBA Executive Director, DeSantis suggests that AB InBev may have breached its legal duties to shareholders by associating its Bud Light brand with "radical social ideologies" and partnering with transgender activist Dylan Mulvaney. He emphasizes how AB InBev's performance has plummeted since this decision, transforming Bud Light from America's best-selling beer into a commercial pariah. Data from Evercore ISI reveals that Bud Light's sales volume decreased by 27.1% in a 12-week period, while rival light beers experienced sales growth. The fallout from the Bud Light controversy has also negatively affected other Anheuser-Busch InBev beers.
Overall, DeSantis believes that businesses should focus on their fiduciary duty to shareholders and not sacrifice their interests for social agendas. He aims to hold Bud Light and InBev accountable for their actions, considering the impact on hardworking people and seeking penalties for neglecting business in favor of a social agenda.