Beverage giant Anheuser-Busch announced it will lay off hundreds of corporate employees as sales of its flagship lager Bud Light falter. CNBC
Amid the uproar, shares of Anheuser-Busch InBev have dipped more than 2% this year, versus the S&P 500's nearly 20% gain.' Modelo. The brand held 8.7% of overall beer sales for the four weeks ending on July 1, according to data shared by consulting firm Bump Willams. Bud Light had 7% market share in that same time period, the data found.
The firm also found Bud Light sales dropped 28% for the week ending June 24 when compared to the same period last year.led by Florida Gov. Ron DeSantis. Last week, DeSantis said he instructed the State Board of Administration to immediately launch a review into whether Bud Light's parent company breached its shareholder duties over its partnership with Mulvaney.
DeSantis suggested that the probe could lead to a lawsuit on behalf of the shareholders of Florida's pension funds. Florida has $53 million worth of stock in AB InBev. "Anheuser-Busch InBev takes our responsibility to our shareholders, employees, distributors and customers seriously," a spokesperson for the company told CNBC in a statement last week.
"We are focused on driving long-term, sustainable growth for them by optimizing our business and providing consumers products to enjoy for any occasion," the spokesperson said.
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