Tucker and Anson Frericks on How Big Business Was Captured by Wokeism and Is Now Self-Destructing

The Downfall of Anheuser-Busch

Frericks begins by recounting the storied history of Anheuser-Busch, which was founded by the Bush family in the 1850s. He highlights how the company was once a symbol of American entrepreneurship and culture, deeply intertwined with the fabric of the nation. However, the narrative shifts dramatically after the company was acquired by the Belgian conglomerate InBev in 2008. Frericks argues that this acquisition marked the beginning of a cultural shift within the company, as InBev prioritized cost-cutting and shareholder value over the brand's traditional values and connection to American consumers.

The conversation then turns to the recent controversies surrounding Bud Light, particularly the ill-fated partnership with transgender influencer Dylan Mulvaney. Frericks explains that this decision was emblematic of a broader trend in corporate America, where companies increasingly adopt diversity, equity, and inclusion (DEI) initiatives that often alienate their core customer base. He notes that the marketing team, led by Alyssa Heinerscheid, openly expressed disdain for the brand's traditional consumers, referring to them as "fratty" and "out of touch." This sentiment, Frericks argues, is indicative of a disconnect between corporate leadership and the values of everyday Americans.

The Impact of Wokeism on Business

The discussion highlights the broader implications of wokeism in corporate America, with Frericks asserting that many companies have lost sight of their primary purpose: to serve their customers and generate profits. He points out that the adoption of ESG (Environmental, Social, and Governance) criteria and DEI initiatives has led to a culture where companies prioritize social justice over their core business objectives. This shift has resulted in significant backlash from consumers, as seen in Bud Light's plummeting sales following the Mulvaney partnership.

Frericks emphasizes that the backlash against Bud Light was not merely a reaction to a single marketing campaign but rather a culmination of years of missteps and a growing sentiment among consumers that they are being lectured by brands that once represented fun and camaraderie. He argues that the company's failure to acknowledge its mistakes and the lack of accountability for leadership decisions have only exacerbated the situation.

The Role of Shareholders and Corporate Accountability

As the conversation progresses, Frericks discusses the role of shareholders in shaping corporate behavior. He explains that large asset management firms like BlackRock and Vanguard have significant influence over companies due to their substantial ownership stakes. These firms often push for adherence to progressive values, which can conflict with the interests of the companies they invest in. Frericks argues that this dynamic creates a conflict of interest, as companies feel pressured to align with the social agendas of their shareholders rather than focusing on their customers.

Frericks also critiques the lack of accountability within corporate leadership. He points out that despite the significant financial losses incurred by Anheuser-Busch, key executives, including CEO Brendan Whitworth, have not faced any repercussions for their decisions. This lack of accountability, he argues, is symptomatic of a broader issue within corporate America, where executives are often insulated from the consequences of their actions.

The Future of Corporate America

The discussion concludes with Frericks expressing hope for a return to a more meritocratic approach in business. He believes that companies can recover from the current crisis by acknowledging their mistakes and refocusing on their core missions. Frericks suggests that Anheuser-Busch could benefit from a change in ownership, potentially returning to American hands, which would allow for a renewed focus on serving its customer base.

Frericks also highlights the importance of consumer choice in driving corporate behavior. He notes that as consumers become more aware of the values and practices of the companies they support, they will increasingly demand accountability and authenticity from brands. This shift could lead to a resurgence of companies that prioritize their customers over social agendas, ultimately benefiting both consumers and businesses.