Bud Light has lost more than $27 billion since woke up to teaming up with transgender influencer Dylan Mulvaney for an advertising campaign in April. Now things have gotten even worse for the beer brand, as Florida Governor Ron DeSantis (right) threatens his parent company Anheuser-Busch with legal action over the Mulvaney partnership.
– The Intellectual (@highbrow_nobrow) July 21, 2023
DeSantis launches an investigation
DeSantis revealed that his administration is launching an investigation into AB InBev, alleging the company failed in its “fiduciary duty” to shareholders and retirees by collaborating with Mulvaney.
“When you start pursuing a political agenda at the expense of your shareholders, it doesn’t just affect the very rich people,” DeSantis said. FoxNews. “It impacts the hard workers who were police officers, firefighters and teachers in terms of pensions.”
“So we’re going to launch an investigation into Bud Light and InBev, and that could lead to a derivative lawsuit being filed on behalf of Florida pension fund shareholders, because ultimately there have to be penalties when you put business aside to focus on your social agenda at the expense of workers,” he continued.
DeSantis went on to explain that Florida has $53 million worth of InBev stock in state pension funds of about $180 billion. He alleged shareholders had been negatively impacted by Bud Light’s slump in sales following the Mulvaney campaign.
We launch an investigation into Bud Light and InBev: Ron DeSantis pic.twitter.com/2dh8C5b9vO
— Conservative Father (@LeftistBaptist) July 21, 2023
“All options are on the table”
On Friday morning, DeSantis took to Twitter to share the letter he sent to the acting executive director of the state’s Board of Directors in which he called for the investigation to be launched.
“It appears to me that AB InBev may have breached its legal obligations to its shareholders and that shareholder action may be both appropriate and necessary,” DeSantis wrote. “To protect SBA and Florida retirees from losses attributable to AB InBev’s failure to meet these obligations, all options are on the table.”
Bud Light has lost billions since Mulvaney’s infamous ad campaign, with the latest figures showing sales fell 23.6% in the one-week period ending July 8 compared to the same period last year. This has been attributed to the highly effective boycott of Bud Light launched by conservatives weary of the Mulvaney collaboration.
Support conservative voices!
Sign up to receive the latest new policies, ideas and commentary delivered straight to your inbox.
“Bud Light’s missteps felt like a betrayal to both its liberal and conservative clients, and that trust is going to take months, if not years, to rebuild,” Daniel Korschun, associate professor of marketing at Drexel University’s LeBow College of Business, said recently. The New York Times.
It’s not a parody. Dylan Mulvaney is now the face of Bud Light. pic.twitter.com/cpygA74cG5
—Ian Miles Cheong (@stillgray) April 2, 2023
Things get even worse for Bud Light
Worse still for the brand, Bud Light’s unpopularity seems to have “infected” its sister brands under the Anheuser-Busch umbrella. Michelob Ultra sales were down 4.3% in the week ending July 1, while Busch Light sales were down 8.5%, according to Bump Williams’ eponymous consultancy.
“Budweiser trends have been going down for a very long time, but it’s the negative Michelob Ultra numbers and now the negative Busch Light trends that concern me the most,” Williams said. The post office. “They were very healthy before April 1.”
In contrast, Modelo Especial, which dethroned Bud Light as America’s top beer, saw sales rise 11.4% in the week ending July 1.
“The gap between Modelo Especial and Bud Light on an annual basis is narrowing,” Williams explained.
BREAKING: Modelo Especial surpasses Bud Light to become America’s best-selling beer 🍺 pic.twitter.com/5tMZ5nzsaF
— Daily Loud (@DailyLoud) June 15, 2023
It’s safe to say that Bud Light has learned the hard way that “wake up, go broke” is very real. While some may think DeSantis is kicking Bud Light while they’re down, the silent majority will no doubt be very pleased with his decision to launch this investigation.
Now is the time to support and share the sources you trust.
The Political Insider ranks #3 on Feedspot of “100 Best Political Blogs and Websites.”