Florida Governor Ron DeSantis has taken a strong stance against Bud Light, joining the conservative backlash against the popular beer brand.
In a move to address the aftermath of a controversial marketing campaign, DeSantis is seeking an investigation into Anheuser-Busch InBev’s handling of the situation and the subsequent drop in the company’s stock.
Florida Governor Ron DeSantis Joins Conservative Backlash
The state’s pension fund holds shares in the company, which adds weight to the governor’s concerns.
DeSantis has even hinted at the possibility of legal action if it is found that the company failed to uphold its fiduciary duties to shareholders.
The conservative backlash against Bud Light stems from a partnership the beer brand had with transgender social media influencer Dylan Mulvaney.
Bud Light started a promotional effort for the NCAA’s yearly March Madness basketball tournament that featured a specially ordered beer can with Mulvaney’s picture on it.
The move received significant criticism from conservative Republicans since April, leading to a drop in the company’s stock price.
In a letter addressed to Florida’s main asset management organization, the governor called for a thorough investigation into how Anheuser-Busch InBev handled the marketing campaign and its potential impact on shareholders, including the state pension fund.
DeSantis expressed concerns that the company might have breached its legal duties to shareholders, which could warrant legal action.
Anheuser-Busch has since distanced itself from the influencer, responding to the controversy by ending its partnership with Dylan Mulvaney.
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Implications for the 2024 Presidential Race and Florida’s Taxpayers
However, the damage to the company’s stock price has already been done.
Mulvaney stated in a recent Instagram post that the beer company had not gotten in touch due to the ongoing tension.
Governor DeSantis has been vocal in his opposition to “woke investing” and ESG (environment, social, and corporate governance) principles, making them central themes in his 2024 presidential campaign.
He recently signed an anti-ESG bill into law in Florida, aiming to eliminate considerations like climate change in the state’s investment decisions.
However, studies have suggested that such laws could come with hidden costs.
Despite his efforts to challenge front-runner Donald Trump in the 2024 presidential race, Ron DeSantis currently faces a 30-point deficit in polling.
The governor’s attempts to differentiate himself through his anti-ESG stance may have implications for Florida’s taxpayers, potentially affecting the state pension’s investment strategy and incurring costs in the years to come.
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