DeSantis vs. Bud Light: Gov. calls for investigation, threatens lawsuit. What to know.

A month ago, while bartending during a campaign stop in Nevada, Florida governor and presidential hopeful Ron DeSantis served up all sorts of beer to an appreciative crowd, with one exception.

"I'll serve you anything but Bud Light," he told the laughing patrons.

Now DeSantis is threatening a lawsuit against Bud Light's parent company, Anheuser-Busch InBev, over the loss in stock values that he says is affecting Florida's pension fund following the conservative boycott earlier this year.

Here's what you need to know.

Why is Bud Light being boycotted?

Conservative consumers called for a boycott of the nation's formerly best-selling beer after the company partnered with a popular transgender TikTok influencer during her “365 Days of Girlhood.”

Dylan Mulvaney posted a video to her Instagram showing off a personalized Bud Light can with an image of her face on the front and talked up the company's $15,000 giveaway as part of a paid sponsorship deal associated with March Madness this year.

With a surge in anti-trans legislation in GOP-controlled states — most definitely including Florida — and anti-trans sentiment running high in conservative groups and media, this was waving a red flag. Prominent conservative leaders denounced the ad and Bud Light, with many calling for a boycott. Musician Kid Rock famously posted a video of himself gunning down cases of the beer. Country music artist Travis Tritt announced he was banning the brand from his tour.

Warning: The following video includes graphic language.

Anheuser-Busch, which initially defended itself, saying the company “works with hundreds of influencers across our brands as one of many ways to authentically connect with audiences across various demographics,” later apologized, with CEO Brendan Whitworth saying, "We never intended to be part of a discussion that divides people."

Mulvaney said she didn't expect the monthlong fallout that ensued from the promotion and said she has been followed and ridiculed in public. She also said Bud Light has not reached out to her.

“I patiently waited for things to get better, but surprise, they haven't really,” Mulvaney said.

The boycott seems to have had an effect, driving Bud Light's market share down to 7.3% of U.S. retail-store beer sales in the four weeks ending June 3 and dethroning it as the #1-selling beer in the country. That analysis does not look at beer sales at bars, restaurants, or anywhere beer is consumed on-site.

The new #1 best-selling beer in that time period? Mexican lager Modelo Especial, which is owned by Constellation Brands in the U.S. and AB InBev everywhere else in the world.

Why is Ron DeSantis threatening to sue Bud Light?

DeSantis was quick to condemn Anheuser Busch, telling a Fox News commentator in April, "Why would you want to drink Bud Light? I mean like honestly, that’s like them rubbing our faces in it, and it’s like these companies that do this, if they never have any response, they are just gonna keep doing it."

The governor said he and his wife Casey DeSantis prefer Guinness Draught anyway.

DeSantis has waged war on companies making decisions based on what he considers "woke" or far-left ideological principles for some time. Last December the state pulled $2 billion worth of state assets managed by BlackRock over the company's ESG (environmental, social, and corporate governance) investment policies. That's when companies factor in climate change and other societal concerns into investment decisions.

In May, DeSantis signed into law a bill blocking state officials from investing public money using sustainable investing guidance and prohibiting ESG bond sales.

Anti-ESG backlash: DeSantis and GOP are waging war against 'woke' ESG. Now business groups are fighting back.

On Thursday, DeSantis released a letter to the state's pension fund manager calling for an investigation into AB InBev's marketing practices, saying the company “breached legal duties owed to its shareholders” by becoming involved with “radical social ideologies.” He also appeared on Fox News that night to talk about it.

"It could be something that leads to a derivative lawsuit, filed on behalf of the shareholders of the Florida pension fund," he said on Jesse Watters Primetime.

How much did the Florida Pension Fund lose because of Bud Light?

“Well, we had over $50 million worth of InBev stock in the pension. Of course, Florida’s pension funds are at about $180 billion,” DeSantis told Watters. “So it’s a pretty big endeavor, but it has absolutely hurt teachers. It has absolutely hurt other pensioners.”

How is Florida's Pension Fund doing?

According to the Department of Management Service’s annual comprehensive financial report, by the end of the fiscal year 2022, the state's fund had a net income loss of nearly $22 billion from the $202 billion it boasted the year before, a 6.27 drop.

That's not unusual for state pension funds in the U.S. at the moment. In Florida, membership in the pension fund has decreased, dropping from 635,266 contributing members in 2021 to 629,073 members as of June 30, 2022, but the number of retirees collecting benefits increased from 440,307 in 2021 to 448,846.

The Florida Pension System has been declining since the worldwide financial crisis in 2007 and has not been fully funded since 2008. As of the end of 2022, the state's unfunded actuarial liability, meaning the amount it owes public school teachers, firefighters, and other state and local government employees that it does not have, is $35.6 billion.

The war on ESG: After $22B loss, state workers pension system rebounding, facing new investing restrictions

This article originally appeared on The Daytona Beach News-Journal: Florida Gov. Ron DeSantis threatens to sue Anheuser-Busch