As Florida Governor Ron DeSantis has called for the state pension's fund manager to investigate Anheuser-Busch (AB) InBev, the multinational drink and brewing company that owns Bud Light, it remains unclear whether the fund holds these shares directly.
The Republican governor and presidential candidate, who has made his stance against what he considers to be a "woke" agenda the focal point of his campaign, said that the state pension fund, with its significant investment in the company, has suffered the consequences of the boycott against Bud Light, which was sparked by the company's decision to offer a sponsorship deal to trans influencer Dylan Mulvaney.
The partnership, which dates back to the very beginning of April, generated a boycott against Bud Light, which has proven damaging for the company, which has since seen a significant drop in sales.
The Sunshine state is estimated to own $50 million of AB InBev stock out of a total of $180 million, as reported by Fortune. MarketWatch reported that it's unclear whether the fund owns these shares directly, "though other investment vehicles tied to the plan do."
According to MarketWatch, the Florida State Board of Administration's (SBA) latest Securities and Exchange Commission filings showed no record of the pension plan holding AB InBev stock at the end of the first quarter or during the fourth quarter of 2022.
But, as of July 14, still according to MarketWatch which cited a spokesperson, an SBA Fund held approximately 819,880 shares worth about $48 million of AB InBev shares on behalf of the pension plan.
Other outlets, including CNN and CBS News, reported that, as of the end of March, the Florida pension fund held over 682,000 shares of the company—which were then valued at $46 million.
Shares for AB InBev closed at -0.31 percent on Friday night, according to MarketWatch. The fund is worth about $180 billion, according to 2022 data.
Ex-Anheuser-Busch executive Anson Frericks, the former president of operations for the company, told Newsweek earlier in July that he thought the damage to the brand was going to be permanent.
"Unfortunately, I think it's going to be a long way to go to get back the market share they lost and a lot of headwind in front of them," he said.
Bud Light has also been harshly criticized by LGBTQ rights advocates and activist groups, which condemn the company for failing to stand by Mulvaney as she became the target of online hate.
Now, DeSantis says that Florida is being directly damaged by this because of its investment in Bud Light's parent company.
On Thursday, the Republican governor sent a letter to Lamar Taylor, interim director of the Florida State Board of Administration (SBA), suggesting that AB InBev might have "breached legal duties" to the Florida shareholders by offering a sponsorship deal to Mulvaney, a move which he said was pushing "radical social ideologies."
He wrote: "It appears to me that AB InBev may have breached legal duties owed to shareholders, and that shareholder action may be both appropriate and necessary."
We’ve kneecapped ESG in Florida.
— Ron DeSantis (@GovRonDeSantis) July 21, 2023
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. pic.twitter.com/B3frLY4f30
AB InBev responded to DeSantis' letter with a statement reported by several news media, including CNN. "Anheuser-Busch InBev takes our responsibility to our shareholders, employees, distributors and customers seriously," the company said. "We are focused on driving long-term, sustainable growth for them by optimizing our business and providing consumers products to enjoy for any occasion."
Newsweek has contacted Anheuser-Busch InBev for comment by email on Saturday.
In an interview with Fox News' Jesse Watters this week, DeSantis compared the inquiry he's launching against Bud Light to his political fight against Disney.
"We talk about woke corporations and a lot of times we focus on, understandably, how they're trying to change society, get involved in politics, and we fight back against that," the Florida governor said.
"We did that against Disney and others, and that's important. But the flip side of it is—just as you suggest—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 their pension."
