DeSantis requests state board evaluate investments in Bud Light maker

Gov. Ron DeSantis (R-FL) sent a letter to the Florida State Board of Administration requesting a review of its holdings of Anheuser-Busch InBev, the parent company of Bud Light.

The review comes months after the iconic beer brand became embroiled in controversy for a marketing campaign with a transgender internet influencer. DeSantis says the depreciation in value of the company's stock amid the controversy should leave all options on the table.

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"We’ve kneecapped ESG in Florida. 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," DeSantis said in a tweet.

In the letter, which was sent to interim Executive Director of the SBA Lamar Taylor on Thursday, DeSantis said AB InBev had turned into a "commercial pariah" because of its ill-fated marketing strategy and that the losses for the company were "staggering."

"Our legal commitments and obligations, however, remain perfectly clear: we must prudently manage the funds of Florida’s hardworking law enforcement officers, teachers, firefighters and first responders in a manner that focuses on growing returns, not subsidizing an ideological agenda through woke virtue signaling,” DeSantis wrote.

He also said AB InBev appeared to have breached its "legal duties to shareholders" and that "to protect SBA and the retirees of Florida" from the company's losses, "all options are on the table."

Since the video with the transgender influencer promoting Bud Light was posted on April 1, AB InBev's stock price has dropped from $66.73 on March 31 to $58.73 at the close of market on Thursday. Sales of Bud Light have also hemorrhaged, with some retailers, including Costco, reportedly pausing restocks of the brand at several stores.

DeSantis's push to review assets the state has invested in AB InBev is a continuation of the governor's war against ESG, which is short for environmental, social, and governance.

Florida's governor signed into law several bills that have curtailed ESG within the Sunshine State, including legislation that prohibits fund managers from making investment decisions based on factors other than achieving maximum return on investment.

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"Florida will continue to lead the nation against big banks and corporate activists who’ve colluded to inject woke ideology into the global marketplace, regardless of the financial interests of beneficiaries," DeSantis said in a statement after signing the legislation in May.

In 2022, Florida’s Chief Financial Officer Jimmy Patronis announced Florida would divest some $2 billion from BlackRock because of its ESG stance. The divestment was the largest such by a state over ESG policies.