Florida Governor Ron DeSantis has called on his state’s Board of Administration to explore legal action against Bud Light’s parent company, Anheuser-Busch (AB InBev), under the guise that a stock devaluation resulting from conservative boycotts against the brand is affecting Florida’s pension fund.
Earlier this year, conservatives had a full meltdown over a 45-second Instagram video touting a partnership between Bud Light and transgender influencer Dylan Mulvaney. Kid Rock purchased cases to shoot in his backyard, country singer Travis Tritt said he’d removed Anheuser-Busch products from his tour’s hospitality rider, conservative influencers accused the beer company of lacing their product with estrogen. The hysteria resulted in widespread boycotts, and Anheuser-Busch’s stock value dropped 20 percent. It is worth knowing that while the company’s stock price is still lagging, the devaluation from the backlash does not even represent a year-to-date low.
But it seems like DeSantis didn’t stop to consider that his state’s pension fund was invested in Anheuser-Busch when he publicly promoted the boycott. In April, the governor told right-wing influencer Benny Johnson that he would not be drinking Bud Light again, and called the backlash to the brand “righteous”
On Thursday, DeSantis told Fox News that Anheuser-Busch had violated its “fiduciary duty” to shareholders when it partnered with Mulvaney. The governor said that the state had over $50 million invested in Anheuser-Busch and that the devaluation had hurt teachers and other pensioners. DeSantis hinted that his inquiry into Anheuser-Busch could lead to a “derivative lawsuit” against the company.
In a Friday letter to the Florida Board of Administration, DeSantis called for the body to “immediately initiate a review to examine how AB InBev’s conduct has impacted and continues to impact the value of BA’s AB InBev holdings. 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 BA and the retirees of Florida from losses attributable to AB InBev’s disregard of those duties, all options are on the table.”
DeSantis’ track record of combatting what he calls “woke” corporations — he rarely, if ever, defines what exactly that means — is not stellar. The governor has been embodied in a messy and bizarre legal battle with Disney after the company’s CEO expressed his opposition to anti-LGBTQ legislation in the state. The fallout of the dueling lawsuits between Florida and the Magic Kingdom has given DeSantis’ 2024 opponents an inroad to criticize the presidential hopeful as anti-business.
If his track record with Disney is anything to go off of, facing off with Anheuser-Busch will likely end up another frivolous shitshow that produces more headaches than gains for the governor. But as his poll numbers tank and his campaign struggles to find its footing, maybe what he most wants right now is a little attention.
Source link: https://www.rollingstone.com/politics/politics-news/desantis-bud-light-investigation-lawsuit-over-effects-of-boycott-pensions-1234793326/
