Stock investors are familiar with the tort lawyers who seek them out for class-action suits whenever there’s a big disappointment or drop in share prices. Usually the pests go away, sometimes because they are paid by the target companies to do so. Ron DeSantis’s latest tilt at “woke” business practices reminded me of them. As governor, he has summoned Florida’s investment authority to review its pension holdings in AB InBev, possibly for legal action. The company’s sales and stock price have fallen after a young marketing executive tried to broaden the image of its Bud Light beer by “inclusive” promotions, notably with a transsexual influencer on social media. This has proven to be one of the most bone-headed moves in modern product positioning, as a mass boycott by traditional buyers ensued, and although InBev has not apologized for it, you can be confident that this is not a company eager to do further woke outreach. But that’s not stopping DeSantis, who earlier used a Florida state cudgel against the Walt Disney Co. for its political gestures. Like the tort lawyers, DeSantis is looking for at least a minor payoff, in the form of needed support for his foundering campaign for the 2024 GOP presidential nomination. Good luck. Some plaintiff lawyers have made successful Republican bids around the U.S., but not many. Most of the party rank and file, even today in these MAGA times, would rather keep politicians out of commerce and have professionals manage the pension accounts.
https://www.cnbc.com/2023/07/21/desantis-orders-probe-into-bud-light-dylan-mulvaney-deal.html
Tim W. Ferguson 